Fraud - lessen the risk for you and your business
First National’s experts are here to help
In a perfect world, business owners could concentrate solely on the growth of their companies.
But the truth is fraudsters and criminals are out there, so protecting your business from fraud has now become part of the daily routine. Working with First National Bank Alaska can help protect your business against such fraudsters.
Follow these tips and to help reduce your risk to fraud:
• Never give out your personal or business account information over the phone unless you initiate the call to a trusted source.
• Enforce vacation policies and Personal Time Off (PTO). Requiring annual one- or two-week windows for specific employees to be away from their job can create added transparency needed to expose internal fraud.
• Monitor company internet, email, laptops, cell phones and storage devices. Create clearly defined policies that establish internet and email access are intended for business purposes.
• Look out for “Business Email Compromise” (BEC). It’s a type of payment fraud that involves the use of what appear to be legitimate business email accounts for the purpose of tricking unsuspecting employees into conducting fraudulent wire transfer.
• Safeguard your paper trail. Enroll for online banking and e-statements.
• Take advantage of secure payment processing and authorization. Talk to your First National banker about services like ONEpay and other online banking tools that offer enhanced security.
• Pay attention to suspicious online activity and react quickly. Look out for strange network activity, do not open suspicious email and never share your account information.
• Protect your online environment. Do not use unprotected internet connections such as public wifi. Encrypt sensitive data and keep updated anti-virus and anti-malware protection on your computers. Change passwords from the default to a complex hard to guess value with lower and upper-case letters, numbers, and symbols; make sure to change passwords for all technology that could be the target of hackers, including point-of-sale terminals, internet routers, and any Internet of Things (IOT) devices.
• Be social media aware. When using social media platforms, never mention where you’re headed. Fraudsters may see someone is gone and think it’s time to try something criminal.
• Conduct surprise audits. Surprise audits are a good way to find and deter on-site fraud schemes so that funds can’t be manipulated ahead of a scheduled audit.
• Train your employees to guard against social engineering. Educate employees to not provide sensitive information such as user names or passwords, account details, or technical information about computer networks and systems over the phone or through unencrypted email, even if the source seems legitimate.
• Understand your responsibilities and liabilities. The account agreement with your financial institution will detail what reasonable security measures are required in your business. Talk to your banker if you have any questions about your responsibilities.
Schedule a complimentary on-site fraud assessment for you and your business with First National Security Officer Don Krohn. Contact Krohn at DKrohn@FNBAlaska.com or 907-777-3471.