Fraud Prevention for Your Business

Check Positive Pay – Reduce the risk of check fraud with Providence Bank & Trust Positive Pay.  With this service, you submit an electronic file each day detailing the checks your business issues.  As each check is presented for payment, the Positive Pay system electronically compares it to the information in your file.  Any discrepancies are flagged and reported through a special email alert and can be viewed through our online cash management where you can see an image of the checks and make an online “pay/no pay” decision.

ACH Positive Pay – Reduce the risk of ACH fraud with the Providence Bank & Trust ACH Block Positive Pay. With this service, you will provide the list of pre-approved companies that can debit your account. As ACH Debits are presented for payment, ACH Positive Pay compares the debits again your approved list. If the debits are from approved companies they will automatically be paid. If an ACH is pending that is not on your pre-approved list, we will email you to alert you to decision the item for approval to pay it or it will get returned.

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• • • • Be cautious of unexpected calls, texts or emails regarding account activity.
      • Independently verify requests by contacting Providence Bank & Trust directly using a trusted phone number.
      • Do not let urgency pressure you into taking immediate action.

• • • • Do not click links or open attachments from unexpected communications.
      • Fraudulent links may install malware or direct you to fake websites designed to steal credentials.
      • Always access Digital Banking through our official website: providence.bank.

• • • • Never share usernames, passwords, verification codes or other login credentials.
      • Providence Bank & Trust employees will never ask for this information.

• • • • Carefully review all payment requests and approvals.
      • Do not approve ACH, wire transfer, payroll, debit card or other transactions that you did not initiate.

• • • • If something feels suspicious, stop the conversation.
      • Contact Providence Bank & Trust directly at 888-923-5664.

Corporate account takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable. Providence Bank & Trust recommends following these tips to keep your small business safe.

1. Educate your employees. You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
2. Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
3. Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions. Positive Pay and other services offer call backs, device authentication, multi-person approval processes and batch limits help protect you from fraud.
4. Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If detected, immediately contact your financial institution, stop all online activity and remove any systems that may have been compromised. Keep records of what happened.
5. Understand your responsibilities and liabilities. The account agreement with your bank will detail what commercially reasonable security measures are required in your business. It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover. Talk to your banker if you have any questions about your responsibilities.

For additional information, contact Providence Bank & Trust. You can also visit the following websites to learn more about how to protect your small business:

Federal Communications Commission: Small Biz Cyber Planner

Learn how to keep your business protected from cyber crimes.

Learn the Signs of Scams that Target Businesses

Learn from the FTC how to Protect Your Small Business

A Cyber Security Guide for Businesses

Learn the 5 key principles of a sound data security plan from this helpful Federal Trade Commission resource.

Use this tool from the FCC to create your own Cyberplan