Ensure employees don’t release company information via phone or email and that all suspicious activity is promptly reported to supervisors or HR.
Review monthly bank statements together with cancelled check images to verify that payees match current vendors. Ensure segregation of duties for check writing and bank account reconciliation. Business owners should consider having business bank statements sent to their home address.
Use checks embedded with watermarks and made of heat sensitive ink and paper.
Maintain check stock in locked cabinets with key controls and notify your bank immediately to report lost or stolen checks.
Talk to your Relationship Manager about fraud protection services such as Positive Pay and ACH Filtering. Understand your liability vs. Bank liability for fraudulent transactions on your bank accounts.
Know your employees and ensure that your hiring process includes reference checking. Be alert to employee lifestyle changes.
Never share passwords, use generic passwords or write down passwords.
Review employee access to bank account statements and user entitlements for online banking. Notify bank of any employees no longer employed by you or whose responsibilities have changed.
Shred all papers and documents with sensitive information.
Make electronic payments when possible to avoid making sensitive information accessible through the mail.
- Conduct surprise internal audits to ensure supervisory oversight.
