From banking to social media, as business owners take their business digital itโs important to be reminded of the ever-evolving threats from scammers aiming to exploit your businessโs vulnerabilities and compromise financial assets. From โtraditionalโ phishing scams to highly-intelligent ransomware attacks, methods used to attack businessโs money are becoming increasingly sophisticated.
At Penn Community Bank, cyber fraud is always top-of-mind because the impact it can have on customers, their business can be devastating. To help mitigate that risk, Fraud & Security Officer Rick Cimakasky and Cash Management Team Leader Michelle Brennan regularly train team members on best practices in avoiding business fraud, sharing real-life fraud examples and how they could be prevented, so that they can educate business customers of what to look for and whatโs at stake.
Among the most common type of fraud seen by our Fraud & Security and Cash Management team are email compromise attempts on businesses. As a business owner, itโs crucial to know the best practices to detect and deter this popular style of scam, including:
- Check to see if the request is consistent with how earlier wire payments have been requested (timing, frequency, recipient, country, etc.)
- Establish a company domain for email instead of using open source email services (e.g. Gmail)
- Use an alternate mechanism to verify the identity of the individual requesting the funds
- Limit the number of employees who can submit/approve wire transfers or implement dual approvals for financial transactions
- Coach employees about fraud and the warning signs, while encouraging them to be suspicious, diligent, and to ask questions
- If you feel that you have fallen victim of banking fraud, please call your financial center or relationship manger directly to alert them of the situation.
Monetary loss. Reputation impact. Data theft. Itโs important to understand whatโs at risk for your business by engaging with what may seem like a simple email. Staying up-to-date on fraud tactics and scam prevention methods will help keep your business and its digital assets safe and secure.
For more information on cyber security best practices, please visit www.PennCommunityBank.com.
