How to Prevent Fraud for Your Business

Imagine this: Your CFO gets a call from a key supplier saying that an invoice is overdue. The CFO checks with you, and you remember sending the payment last week after receiving an email asking you to update the supplier's banking info. Now, the phone number in that email is disconnected, and the supplier's representative who reached out about the overdue invoice confirms no changes were made. You've fallen victim to email fraud (business email compromise).

Here's how to protect yourself from falling for similar scams.

BE CAUTIOUS OF THESE RED FLAGS:

Requests to Change Payment Information: Be wary of emails asking you to update bank details.

• Steps to Take if You Get a Request to Change Payment Info:

1. Verify Contact Information: Use a phone number you already have on file to confirm the change, not the one in the email.
2. Check for Recent Changes: Ensure there haven't been recent updates to contact details.
3. Get Written Confirmation: Ask for account change information in writing and verify it.

• Urgent Requests: Don't rush. Scammers often create a sense of urgency to bypass security and normal administrative controls.
• Incorrect Grammar: Watch out for emails with spelling mistakes or unusual language.

STRENGTHEN YOUR INTERNAL PROCESSES:

• Extra Approvals: For large transactions, implement dual control, ensuring approvers are aware of who to call within your company to verify transactions.
• Inform Approvers: Let approvers know about any account changes and give them time to verify.
• Use Safeguards: Set up alerts on Enhanced Business Internet Banking (EBIB) for payment changes. Learn more about Renasant's EBIB today.
• Consider Using a Commercial Card: It provides additional protection if anything goes wrong with the purchase.

MONITOR YOUR ACCOUNTS:

If you receive an ACH payment that you didn't initiate, report it to the bank as fraud within 24 hours. Commercial accounts have fewer fraud protections than personal accounts, and if you don't report it by the end of the next business day, you may lose money.

• Check Daily: Review account activity daily to catch unauthorized entries.
• ACH Positive Pay: Use this service to screen your transactions. Learn more about ACH Positive Pay today.
• Set Alerts: Enroll in account alerts to be notified of any unusual activity.

IF YOU SUSPECT FRAUD:

• Report Quickly: Notify your bank about any suspicious ACH transactions within 24 hours.
• Contact Your Relationship Officer: Reach out to your banking officer if you have any doubts or concerns.