5 Tips to Reduce Business Fraud

When it comes to your business, security is a top priority. Consider these five tips to help limit fraud exposure.

1. Use two-step verification

Two-step verification involves two authentication methods, performed one after the other, to verify that someone requesting access is who they claim. This provides two layers of security instead of just using a single password.

2. Educate your employees on email fraud

Training your employees to spot and report fraudulent emails is key to protecting your business’s network, information and funds. Knowing how to spot red flags, such as altered email addresses, suspicious links, and random monetary requests can go a long way in reducing email compromise.

3. Use a payment validation system

Products like Bankers Trust’s Positive Pay reduce fraud by validating checks or ACH transactions presented to your account. The system automatically matches the item against your payments issued to detect dated or voided checks, duplicate serial numbers, exceeded amount thresholds and other discrepancies.

4. Turn on alerts and dual controls in Internet Banking

You can set up alerts to notify you when a payment has been made, your balance has changed, account information has been edited and more. With dual controls, you can require two admin approvals before transactions are posted, giving you an extra layer of control.

5. Use the security benefits within cards

Purchasing cards allow for more control of your employees’ spending. You can place limits on credit lines and types of merchants where cards can be used. And you can opt for chip cards or virtual cards to ensure cards aren’t lost or stolen.

With these five tips, you can improve your business’s financial security and reduce the risk of fraud.