Business Fraud Tips

Criminals have become sophisticated and cunning in finding areas of vulnerabilities within business operations such as yours. To combat some of the recent scams we have seen with other businesses, we would like to offer you some thoughtful suggestions that will hopefully minimize the possibility of fraud destroying or interrupting your business.

• Store your checks, deposit slips, bank statements and canceled checks in a secure and locked location. Never leave your checkbook open in your office or in a vehicle.
• Reconcile your bank statement upon receipt in order to detect any irregularities. Otherwise, you may become liable for any losses due to check fraud.
• Consider a dual process or a double check. You may split responsibilities between individuals who prepare checks, sign checks, and reconcile your account to the extent possible.
• Review and understand transactions within your account statement upon receipt, if you do not reconcile your business accounts yourself. You are liable for your agent or bookkeepers actions.
• Never give your account number to people you do not know, especially over the telephone. Be particularly aware of unsolicited phone sales. Fraud artists can use your account without your authorization and you may end up being responsible.
• Unless needed for tax purpose, shred old canceled checks, account statements, deposit tickets, and ATM receipts. The personal information on these items may help someone impersonate you and take money from your account.
• When you receive your check order, make sure all of the checks are there, and that none are missing. Report missing checks to us at once.
• If your business is burglarized, check your supply of checks to determine if any have been stolen. Look closely, because thieves will sometimes take only one or two checks from the middle or back of the book.
• Lock your facility each night. Insure that locks are effective for windows and doors. Lighting and landscaping should deter burglars. Change the locks on your facility when an employee leaves your place of employment.

Please take a few minutes to assess your current situation. Look for areas where someone can get access to your personal account information and take advantage of you and your business. If you would like to discuss this or other topics of interest, please feel free to contact your local banking representative.