Fraud is Rapidly on the Rise – Is Your Business Protected?
July 12, 2016
According to the American Bankers Association, check fraud is increasing at an alarming rate – 25% per year. In 2014 alone, the association reported $11 billion in deposit account fraud attempts. And with more and more check fraud professionals targeting businesses, the question is: Is your business protected?
Below are just a few of the opt-in services The Bank of San Antonio offers our business banking customers to help prevent check fraud.
Use Positive Pay With Payee Verification
When you bank with The Bank of San Antonio, we only pay checks listed on your Positive Pay file. You provide a list of issued checks in advance, and when unauthorized activity is detected, we compare your authorized list to items waiting to clear payment, and send you images of these checks through your online banking portal. Once you receive these images, you let us know whether to pay or reject the payment, reducing check fraud, preventing unnecessary losses and protecting your business.
Use Checks With Security Features
If you use paper checks, be sure you’re using checks with security features like watermarks and warning bands that prevent copying. Unfortunately, it's relatively easy to chemically alter some types of checks. That's why The Bank of San Antonio offers checks with enhanced safety and security features and marks, reducing the possibility of check fraud.
Develop Checks and Balances
While the majority of employees are trustworthy, The Bank of San Antonio recommends having procedures in place to reduce or eliminate the possibility of internal check fraud. If possible, don’t allow one employee carte blanche to your accounting. If this isn't an option, be aware that having a single accountant or person responsible for issuing and signing checks, and reconciling your business account could lead to problems.
Use Automatic Deposits and Electronic Banking
As often as possible, business owners should use online banking. Reducing paper checks is good for your bottomline, eliminating the cost of checks, stamps and envelopes. Additionally, online banking with The Bank of San Antonio is fast, convenient and secure. Not only do you save money, but reduce the risk of fraud, too.
The Bank of San Antonio – Your Business Defenders
At The Bank of San Antonio, we are your business defenders. Our financial specialists and personal business bankers are dedicated to developing sound strategies for your business, preventing and/or fixing business fraud, and consistently monitoring your account for unusual activity. And we provide all of this without sacrificing convenience, assigning you to your own personal relationship banker available anytime, day or night, as well as fast, safe, efficient banking at your fingertips – anytime, anywhere.
At The Bank of San Antonio, you’re more than just an account number. If you’re a business owner looking for high-tech solutions but wanting personalized, hometown service, come to The Bank of San Antonio. We’ll help you and your business receive the technology, tools, resources and support needed to achieve success now and far into the future.
For more information on how to protect you business from fraud, contact us or download our whitepaper by completing the form below.