August 26, 2022

It doesn’t matter how small your business is; keeping your company financials safe is vital, especially today. Every year, small and large businesses lose about 5% of their revenue to fraud, and there’s no evidence that it’s slowing. The moment you think your business is protected, along comes a new scam or phishing method or something else that sets spidey-senses tingling, not in a good way.

Your business matters to us, and we want to help you secure your company finances. So, we’re here to provide you with our best expert advice on digital banking security and how to keep your data safe.

Fraud Management Best Practices

Many types of fraud harm businesses today, from data breaches to phishing scams and more. Here are the most common and how to avoid them.

Email Links

You get an email containing one or more links, tempting you to click on them. Don’t. Don’t click that link, even if the email looks legit. Many scammers today send emails that imitate the appearance of legitimate websites. There are a few ways to tell if the email you received is from the real deal:

  • Hover over links to see where it will take you
  • Look at the sender’s email address
  • Don’t share any personal or business information
  • Contact the company directly to verify they emailed you

Billing Schemes

You receive false or changed invoices prompting you for payment. Before you pay,

  • Do your research
  • Match invoices to your records
  • Contact the company directly to clarify anything questionable

Expense Reimbursement Schemes

Unfortunately, employees sometimes create fraud from within, but it happens. If your company reimburses for business expenses, scrutinize each report for expense reimbursement. Never take them at face value, even for your most trusted employees.

Payroll Reimbursement Schemes

Like expense reimbursements, sometimes employees report more time than work. Have an overtime approval process to limit how much overtime you’ll permit. Also, establish a way to verify actual overtime hours worked through digital records, management signatures, or something else.

Accounting Schemes

Remember Enron? It was an unforgettable example of an accounting scheme. Ensure reporting accuracy for all company financials and maintain internal controls. Protect company credit card and banking data and train employees on recognizing and reporting fraud.

How to protect your business accounts with our Digital Banking tools

Despite the many types of fraud your business can encounter, there are some simple ways to protect your company’s finances and data from cyberattacks and malicious intent.

Strengthen Passwords

  • Stronger passwords offer more protection. The best passwords have a few things in common. Choose passwords containing eight or more characters that are alphanumeric and include symbols. Avoid easy passwords.
  • Change passwords periodically. Determine a schedule for when authorized users should also change their passwords.
  • Establish authorized users, such as an accountant or bookkeeper, but each should have their own login and permissions.
  • Set up business bank account alerts. You’ll receive notifications whenever someone accesses online banking information. If you haven’t done so yet, consider two-factor authentication, which adds an extra layer of protection to your financial data.

Enhance Privacy

  • Add privacy measures to protect your data online.
  • Enhance firewall and internet security protections. You can add custom rules for safer surfing.
  • Add a virtual private network. A VPN adds a layer of encryption to your data when you or your employees are online.

Finally, update all software with the latest patches and versions.


While the above is not an all-inclusive list of fraud businesses might encounter, it gives you an excellent place to start. Above all, protect your business data, and if fraud happens, report it immediately.

Finally, tools that help combat fraud only work if your contact information for your business bank account is current. It’s hard to receive an alert if an old email or phone is on file. Update your profile information as it changes.