16 Tips to Prevent Bank Fraud

16 Tips to Prevent Bank Fraud

With cybercrime and banking fraud on the rise, one of the best things you can do is to ensure that you review your banking processes and access controls.

Here are 16 Tips to help protect your business:

-Cancel your debit cards; If you require deposits, get a deposit only card for employees.

-Have separate accounts for separate functions – i.e. sales tax account.

-Have a dedicated PC for online banking and DON’T use that PC for accessing any other web sites, e-mail access, social media sites or for downloading files and applications

-Sign up for Electronic Bill Pay – avoid checks

-Sign up for e-mail alerts from your bank whenever a withdrawal over $100 happens.

-Require YOUR signature for any wire transfers.

-Have your money spread out in multiple accounts to minimize the risk.

-Review your banking alerts and authorized users on a regular basis; recommend quarterly

A) Review alert notifications

B) Set limits on transfers or daily withdrawals

C) Separation of duties – view only, move deposits only, authorized bill pay account

-Consider Positive Pay or ACH Fraud Filter Services

-Request Employee credit cards with embedded chip

-Check account balances daily and report unusual activity

-Set daily limits on Point of Sale transactions for employee credit cards

-Go paperless on bank statements

-Review ACH Account settings

-Employee Training (ongoing is best):

A) Don’t email bank statements, copies of checks, credit card statements, to banks, outsourced finance/CFOs, CPA firms

B) Verify unusual transactions or amounts

C) Call and verify (not number in email); call main banker

D) Banks don’t request personal information via email or text

-Review transactions daily


If you have not sat down and reviewed your online banking controls and authorizations, we recommend you have a meeting with your banker to review and ensure that you are protected.

If you have any questions or if we can help, please give Jennifer a call at 678-745-5109 or email jholmes@mis-solutions.com.