Best Practices for Business Fraud Prevention

Best Practices for Business Fraud Prevention

As businesses grow more reliant on digital technologies, the risk of fraud increases with fraudsters taking advantage of a growing number of ways to infiltrate your business. Developing a fraud prevention strategy that proactively addresses common fraud tactics and helps your business put fraud protection controls in place is essential to your company’s safety.

Read our tip sheet to discover important best practices for fraud prevention across multiple areas of your business’s operations. Here’s a preview of some of the tips included:

  • Social Media: Protect your passwords. Since most companies’ social media accounts are managed by more than one person, make sure employees create unique passwords and store them in a password vault with two-factor authentication.
  • Mobile Devices: Set your devices to automatically delete all content after a set number of failed login attempts, or invest in tools to automatically wipe any network device that has been reported lost or stolen.
  • Cloud Computing: Apply your business standards to service providers, and remember that you can outsource functions, but not risks. Understand which elements of security are the responsibility of the cloud provider and which belong to you.
  • Technical: Utilize email protection to detect and defend against malware and phishing attacks. Communicate the importance of identifying phishing emails to your employees.
  • Operational: Protect your company by verifying any payment request received by email. Verification should be done by phone or in-person.
  • Administrative: Utilize Positive Pay and ACH Positive Pay offered by Cadence Bank.

If you’d like more information on how to protect your business from fraud, reach out to our treasury management specialists. We’re dedicated to helping your company stay secure.

dot image