How to Protect Yourself From Fraud
Fraudulent activity is on the rise. Regularly monitor your account for any unauthorized transactions.
If you have any concerns or suspect any fraudulent activities related to your Baker Boyer accounts, please do not hesitate to reach out to us at (509) 525-2000 or (800) 234-7923.
Below are resources to help you learn how to spot, avoid, and report related frauds and scams that can affect your financial well-being.
Fraud Prevention Solutions and Steps to Take After Discovering It
To prevent fraudsters from gaining access to your online account:
- NEVER share your online credentials and use multi-factor authentification, when available.
Keep your account information from being obtained and used fraudulently by:
- Using dual control, when available, to initiate payments.
- Adding Positive Pay services to all business accounts.
How to prevent payments from being initiated to fraudulent accounts:
- Monitor your account daily, online for unusual activity.
- Have multiple employees set up to receive alerts for outgoing payments
To prevent checks from being chemically “washed” and having the amount and/or payee name changed:
- Send payments via electronic means whenever possible.
- Monitor your account online to ensure checks clear as they are written.
To prevent checks from being created payable to different payees for different amounts:
- Confirm receipt of payment with your payees.
- Do not leave outgoing payments in an external mailbox.
To avoid account information from being used to initiate fraudulent electronic transactions:
- Add Positive Pay services to all business accounts.
- Consult your business insurance company to see if Identity Theft/Fraud insurance is an option with your policy.
"I was scheduled to send out a wire for some equipment I purchased, and per normal procedure, I sent copy of the invoice a day prior to the wire transfer to Stephanie Rubin of Baker Boyer Bank. On Friday, when Stephanie called to confirm the wire, she discovered that wire information from my supplier was fraudulent. Stephanie was the only one who caught this error. The owner of my supplier was very grateful for Baker Boyer for catching this fraud. Stephanie also shared some other valuable fraud prevention tips with the owner."
-Client since 2009
Protecting Yourself from Financial Fraud
At Baker Boyer, we're always working to help clients safeguard against fraud. Check out our new fraud series featuring experts who share tips and tools to help you learn how to better protect yourself.
Our experts answer questions such as:
- How important are passwords in safeguarding against fraud?
- How can consumers verify the legitimacy of emails requesting sensitive info?
- Are there government resources I can contact for assistance in fraud cases?
- How can businesses create a culture of awareness and vigilance against fraud?
Detecting and Deterring Business Fraud
What to do when receiving fraudulent emails with “updated account information” for your payee:
- Exercise caution with external emails requesting account information.
- Install security patches frequently and use a firewall.
What to do if an online payment system requests “updated account information for your business” via email:
- If sending payment via ACH Origination, send prenote transactions when new account information is received.
- ALWAYS confirm any account information received by email by another means, such as a phone call to a phone number previously on file.
What to do if you receive text messages containing links for you to enter/update payment information:
- Add Positive Pay services to all business accounts
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Never provide account information over text message, and do not click on links.
Avoid difficulties with employees who are given “full access” to all business accounts by:
- Use dual control whenever possible
- Requiring all employees with online account access to have their own credentials.
If someone “borrows” funds from a business account and replaces them before being detected:
- Assign segregation of duties for all transactions related to business accounts
- Add Positive Pay services, with dual control, to all business accounts
To limit the possibility of someone posing as a business owner to request unauthorized transactions online:
- Complete a thorough background check upon hiring, and repeat at random intervals.
