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Eight tips for business owners on how to reduce the risk of fraud.
Businesses have money, and there are people who want to take it. Threats can come from the other side of the world, or the next desk. Business owners and managers are busy running their business, but evildoers are plotting all the time. This presentation covers simple steps business owners can take to reduce risk.
Eight tips for business owners on how to reduce the risk of fraud.
Businesses have money, and there are people who want to take it. Threats can come from the other side of the world, or the next desk. Business owners and managers are busy running their business, but evildoers are plotting all the time. This presentation covers simple steps business owners can take to reduce risk.
Eight tips for business owners on how to reduce the risk of fraud.
Businesses have money, and there are people who want to take it. Threats can come from the other side of the world, or the next desk. Business owners and managers are busy running their business, but evildoers are plotting all the time. This presentation covers simple steps business owners can take to reduce risk.
Reduce Your Risks: Being Prepared for Fraud Thwarting Fraudsters, Embezzlers, Hackers, Forgers, Counterfeiters and Various and Sundry Other Evildoers Potential Evildoers to watch out for: Suspicious looking people Innocent looking people People you work with People at computers who are 10,000 miles away Strangers Everyone else
Tip #1: Tip #2: Maintain Good Physical Security Tip #3: Maintain separation of duties and dual control Tip #4: Reconcile early and often Tip #5: Beware of the CAT! Commercial Account Takeover is to businesses what identity theft is to individuals.
Tip #6: Comply with the technology and anti-malware standards in your online cash management agreement Use a dedicated computer Maintain separation of duties and dual controls for online users Stop using Windows XP! Online Cash Management Best Practices:
Tip #7: USB flash drives are dangerous vectors for malware. All USB connected devices have firmware that can be corrupted. Know the provenance of all USB connected devices. Disable USB ports for mass storage devices News Flash!
Tip #8: Positive Pay Service is an effective, but underutilized method for stopping forged and counterfeit checks. Payer sends a positive pay file to the bank when checks are cut. Bank matches incoming checks to the file and rejects checks that dont match. Useful Resources: The Better Business Bureaus website on Data Security Made Simpler: http://www.bbb.org/data-security; The Small Business Administrations (SBA) website on Protecting and Securing Customer Information:http://www.sba.gov/community/blogs/community-blogs/business-law- advisor/how-small-businesses-can-protect-and-secure-cus; The Federal Trade Commissions (FTC) articles on protecting data:http://www.ftc.gov/bcp/edu/multimedia/interactive/infosecurity/index.html; The National Institute of Standards and Technologys (NIST) Fundamentals of Information Security for Small Businesses: http://csrc.nist.gov/publications/nistir/ir7621/nistir- 7621.pdf; The jointly issued Fraud Advisory for Businesses: Corporate Account Takeover from the U.S. Secret Service, FBI, IC3, and FS-ISAC available on the IC3 website:http://www.ic3.gov/media/2010/CorporateAccountTakeOver.pdf; NACHA The Electronic Payments Associations articles on Corporate Account Takeover for financial institutions and banking customers: http://www.nacha.org/c/Corporate_Account_Takeover_Resource_Center.cfm; Entrepreneur on Internal Fraud: http://www.entrepreneur.com/article/227689; ACFE survey results: http://www.acfe.com/occupational-fraud.aspx.
About Business Bank of Texas Business Bank of Texas, N.A provides responsive, personal and realtime business banking to companies throughout the US. Our online, remote banking business model, helps us keep our overhead, service rates, and fees low while enabling 24/7 online banking and remote deposit capture. About Dwayne Kolly Dwayne is the Chief Financial Officer at the Business Bank of Texas. He has served community banks in south and central Texas for nearly 30 years.