Business Fraud Awareness and Prevention

Businesses are increasingly at risk of falling victim to fraud – and financial losses can be devastating. Take these steps to prevent common fraud attacks on businesses:

1. Make a call

If your business receives a request to change recipient payment or wire information, call the merchant or vendor to verify the details. Be extremely cautious of any requests to change bank account information for transfers. When fraudsters hijack email accounts, these requests can appear legitimate when they are not.

2. Never share your password or One-Time PIN (OTP)

We will never ask you for your online banking password or the One-Time PIN sent to you by text or email. Fraudsters can use this information to take over your account.

3. Secure physical checks

When you are done scanning your mobile deposit checks, secure them in a lockbox to prevent theft. Mail your paper checks using secure lock boxes at the Post Office. Keep blank checks locked up and control access to them.

4. Review email for signs of spoofing

Carefully check the sender's email address for slight misspellings or incorrect domains that mimic legitimate email addresses. Emails with non-personalized greetings like "Dear Sir/Madam," “Kindly,” or grammar or spelling errors may be suspicious.

5. Slow down

Be wary of urgent emails about payments or wire transfers or emails sent at odd times outside business hours. Another warning sign is when you are asked to keep communication limited to email only or only one person. Verify such requests through different channels, like by telephone.

Visit our blog center and learn more ways to protect your business:

• The Digital Factor: Four Ways to Boost Your Company's Cyber Security
• The Human Factor: Six Ways to Boost Your Company's Cyber Security
• Fortify Your Business from the Risks of Remote Work
• Four Clues to Identify Phone Fraud at Work