Business Fraud Protection for Your Bottom Line
Stay ahead of threats. Protect what you’ve built.
May is Business Fraud Awareness Month; a timely reminder that fraud targeting businesses is more common than many owners expect. Unauthorized ACH transfers, counterfeit checks and compromised credentials are real risks with real financial consequences. The good news is that the right tools and habits can go a long way toward keeping your accounts secure.
Croghan will soon offer two services designed to add meaningful protection to your day-to-day banking.
Positive Pay gives you a powerful added layer of protection for both ACH and check payments. The service works by comparing transactions against a list you provide, flagging anything that doesn’t match for your review before it clears. It’s one of the most effective ways to catch unauthorized transactions before they become a problem.
RSA Tokens add a second layer of verification to your online banking access. Each token generates a unique, time-sensitive code required at login, helping ensure that only authorized users can access your accounts – even if login credentials are compromised.
Business Fraud Prevention Checklist
- Review account activity daily and report suspicious transactions promptly
- Reconcile bank statements as soon as they’re available
- Limit the number of employees with access to financial accounts
- Use separate accounts for payroll, operating expenses and reserves
- Enable account alerts for large or unusual transactions
- Train staff to recognize phishing emails and social engineering tactics
- Establish internal approval processes for wire transfers and large payments
- Verify any changes to vendor payment information by phone before processing
Tips to Reduce Your Risk
Fraud often starts small. A single unauthorized transaction, an unfamiliar login or a spoofed vendor email can signal a larger threat. Staying alert to the warning signs is just as important as the tools you put in place.
Never share login credentials, even internally. When in doubt about a payment request, call the vendor or contact directly using a number you already have on file — not one provided in the suspicious message. And if something looks off in your account, reach out to us right away.
Check out additional tips on our Fraud Prevention page.