Check and electronic payment fraud, cyber security and account takeover are growing concerns for businesses today.
These topics must be a primary focus for all businesses and institutions, from national organizations to small startups. These types of fraud have led to massive investment losses, significant legal costs and damaged reputations to many businesses across the nation. The cost of fraud to an organization is far greater than the cost to prevent fraud.
PeoplesBank can provide you with the tools to help prevent fraud.
Check Positive Pay
Prevent unauthorized checks from posting to your account.
Checks presented for payment are verified against a list of issued checks that you provided to PeoplesBank.
ACH Positive Pay
Prevent unauthorized ACH transactions from posting to your account.
Block all ACH transactions or authorize only specific vendors to access your account.
Online Banking Tools
- Secure access codes and tokens
- Customizable alerts
- Definable user access levels
- Dual control settings
- Real-time stop payments
To learn more about PeoplesBank's Cash Management solutions, email Cash Management or call 413.493.7517.
Protecting Your Business From Fraud
Fraudsters use several different methods to lure associates into creating transactions or giving private financial information to commit fraud and theft. These methods include seemingly “official” email messages, phone calls, and even text messages that appear legitimate and have a sense of urgency.
The following tips can be used to help your business mitigate fraud and protect its sensitive information.
If you suspect suspicious activity or that any of your workstations have been compromised, please contact Cash Management at 413.493.7517 immediately!
Educate staff on best business practices:
- Be cautious when opening unsolicited emails or texts especially those containing links to websites.
- Don't reply to email or pop-up messages that ask for personal or financial information.
- Don't click on links or open attachments in any suspicious message.
- Don’t click on pop-ups asking you to install software or claiming that your computer has a virus.
- Be suspicious of any message that appears to be urgent or attempts to scare or intimidate you.
- Discourage employees from saving passwords – especially those pertaining to PeoplesOnline Cash Management log in.
- Create strong, unique passwords and do not share them.
- Never download anything from a source you don’t trust.
- If unsure about the safety of an email or link, check with the sender.
Every day, there are millions of attempts against companies to compromise data. Attacks like phishing and ransomware can be prevented with simple steps and employee education.
Implement IT related best practices:
- Ensure that all anti-virus and security software and mechanisms for all computers used for online banking are robust and up to date.
- Restrict functions for computer workstations that are used for online banking and consider limiting USB and administrative access on these machines.
- Where possible, use a firewall to enforce web content filtering or policies to restrict access to potentially malicious websites.
- Utilize strong passwords and choosing different passwords for different programs is an important step to safeguarding your accounts.
- Ensure your passwords with a combination of letters, numbers, and symbols.
- Never use public WIFI Access for sensitive information or banking transactions as encryption standards may not be current or the networks security maybe compromised.
- Perform regular backups of critical data to an external device and store them offsite if possible.
- Develop a Cyber Security Planning Guide
Emails, appearing to be from an executive (i.e. CEO/CFO) within the company, are being sent to company staff responsible for initiating wire transfers or ACH transactions requesting funds be sent to a specific bank and account number. Although the emails appear legitimate, they are not.
To safeguard against these types of fraudulent requests, encourage your employees to take a few extra steps to confirm validity.
- Examine the source of the email address – when they click “REPLY”, does the address match the sender?
- Call the sender to confirm that the request is valid.
- KnowBe4 Security Awareness Training Blog
- Krebs on Security - Security News
- U.S. Small Business Administration Homepage
- Federal Trade Commission - Security Guide for Business
- U.S. Computer Emergency Readiness Team Homepage
- FCC Cyber Security Planning Guide
- Dark Reading - Security News
- ABA National Cybersecurity Awareness Month Homepage