Cyber Security: Protecting Your Business

July 05, 2018

In a world where data rules, protecting the integrity and privacy of that data is vitally important, both for your business and your customers. A common fraud technique currently circulating – payment fraud – involves the false creation and diverting of payments. Payment fraud can take the form of unauthorized transactions, stolen merchandise and false requests for bounced and returned checks.

According to the Association for Financial Professionals, payment fraud activity continues to increase at a steady rate with no signs of decreasing in the near future. In 2017, payment fraud was at its highest level across a variety of payment methods, with 78% of organizations having been impacted.

See below for several payment fraud-related statistics* from 2017:

  • 78% of companies were targets of payment fraud
  • 77% of companies experienced Business Email Compromise (BEC)
  • 74% of the companies experienced check fraud
  • 30% of companies experienced corporate/commercial credit card fraud
  • 28% of companies experienced unauthorized ACH debit fraud
  • 13% of companies experienced ACH credit fraud

As a business owner, there are several steps you can take to protect your company from fraud:

  • Protect your access credentials into and out of computers and other technology
  • If you don’t recognize the sender of an email, don’t open attachments or reply to the email
  • If you receive a suspicious email, validate it through another communication channel such as a phone call
  • Never access your online banking from a WiFi hotspot or from a shared public computer
  • Develop procedures for non-standard requests
  • Consider using a dedicated computer
  • Educate and consistently remind your employees of the importance of cyber safety
  • Engage your financial institution
  • Dual control – having one person initiate a transaction and another approve the transaction
  • Implement secondary authentication
  • Keep user profiles current
  • Take advantage of payment fraud prevention services:
    • Positive Pay
    • ACH Positive Pay
    • Safe Account
  • Use event notifications and alerts

With so much data at your fingertips, it’s of utmost importance to protect it and your customers from becoming the victims of payment fraud.

*Statistics taken from the Association for Financial Professionals 2018 Payment Fraud and Control Survey Report