Best Practices to Protect Your Company Against Payment Fraud
Watch our video to learn best practices to protect your company against payment fraud.
Contact Your SouthState Banker for More Tips on Preventing Payments Fraud.
View Transcript
- Train All Employees to Recognize Social Engineering Tactics and Red Flags
- Test Your Employees Knowledge of How to Respond to Phishing Attacks
- Define Card Spending Limits by Employee Level to Correspond with Responsibility
- Create an Oversight Function of Card Usage as a Deterrent to Internal Fraud
- Reconcile Accounts Daily to Identify Unauthorized ACH Debits and Return Timely
- Use Positve Pay Services on Checks and ACH for Proactive Alerts for Suspect Items
- Verify the Authenticity of a Wire Request Using an Alternate Method
- Implement Dual Control for Initiating and Releasing Wire Transfers
- Fine Tune Fraud Alerts to Include Sale Date and Maximum Dollar Notifications
- Migrate to Electronic Payments or Use Check Warning Bands to Deter Fraudsters
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