We offer members plenty of advice regarding fraud prevention. If you own a company, we know it’s a crucial aspect of maintaining financial security and protecting it from potential losses. Here are some measures you can take to prevent fraud from happening:

1. Strong Passwords and Multi-Factor Authentication: Ensure that all users have strong passwords and enable multi-factor authentication for added security. This helps protect your accounts from unauthorized access.
2. Regularly Monitor Account Activity: Regularly review your account activity to identify any suspicious transactions or unauthorized access. This can be done through online banking platforms or by setting up automated alerts for certain types of transactions.
3. Limit Access to Accounts: Only provide account access to trusted individuals and employees who need it. Restrict administrative privileges to minimize risk.
4. Educate Employees: Train your employees in how to identify and report potentially fraudulent activities. Teach them about common techniques such as phishing emails and social engineering scams.
5. Secure Computer Systems: Install and regularly update anti-malware software, firewalls and security patches on all computers and devices used for financial transactions. This helps protect against malware and other cyber threats.
6. Use Secure Payment Methods: Encrypted online payment gateways or chip-enabled credit cards minimize the risk of card-present and card-not-present fraud. Avoid using windowed envelopes when mailing physical checks.
7. Conduct Regular Audits: Regularly review your financial records and conduct internal audits to identify any irregularities or discrepancies.
8. Maintain Strong Relationships with Financial Institutions: Establish a good relationship with your bank or financial institution and regularly communicate with them regarding any suspicious activities.
9. Stay Informed: Stay updated on the latest fraud prevention techniques and trends. Attend seminars, webinars, or workshops related to fraud prevention for business accounts.

Remember, fraud prevention is an ongoing process, and it's important to stay vigilant and proactive in protecting your business accounts.

Consumers Credit Union is in your Commercial Corner! Our fraud prevention service can help!

For more information, please contact:
Melissa Ritchie
Commercial Treasury Management Specialist
| p 847.232.6794 | c 847.863.7157