Top Business Fraud Updates – January 2018

FraudPrevention-Blog

Please review our most recent fraud alerts and security reminders to help protect your business.

Stolen Business Checks

Fraudsters are using stolen checks from local businesses to make purchases. To prevent your business from losing money due to stolen checks, we recommend:

  • Checking your business bank accounts daily for fraudulent transactions. If you are suspicious of a transaction, contact the Bank immediately.
  • Using a fraud transaction detection service, such as Positive Pay, to help you prevent these checks from hitting your account.

The sooner you can notify the Bank of a fraudulent transaction, the more we can do to help you. Dedicating time to review your accounts regularly can definitely help keep your business more secure.

Lessons to Learn from Uber Hack

You may have heard about the hack and attempted cover-up at Uber that has recently surfaced in the news. The personal information of more than 57 million customers and 600,000 drivers was stolen in a data breach in October 2016. The company then paid the hackers $100,000 to delete the data and keep quiet. What can we learn from this series of events?

First and foremost, it’s important to create a plan for how your company will handle cybersecurity breaches. Simply thinking, “it won’t happen to us” is hardly an option in today’s tech-savvy world. Being prepared beforehand can help you take the right steps if something happens. The FCC provides a free guide, called CyberPlanner*, to help small businesses create cyber plans.

Train Employees on Security Principles

This tip from the FCC* is an important reminder of the role your employees play in protecting your business from security threats. It’s important to establish basic security practices and policies for employees, such as requiring strong passwords and establish appropriate Internet use guidelines, that detail penalties for violating company cybersecurity policies. Establish rules of behavior describing how to handle and protect customer information and other vital data.

Next Steps If You Have a Security Concern

If you think your business bank account information has been compromised or you have a security concern, contact your local Merchants Bank and ask to speak to your Cash Management Specialist or a Customer Service Representative.

 

*You will be linking to another website not owned or operated by Merchants Bank, NA. Merchants Bank, NA is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Merchants Bank, NA.

The 3 Online Banking Alerts You Should Have Set Up

Farmer examinig wheat field status with digital tablet

Security Awareness Week: June 5-9, 2017

If you’re not using the FREE alerts feature of Merchants Bank Online Banking, you’re missing out on tools that could protect you from identity theft and fraud.

To set up automatic alerts, sign in to your Online Banking account and click the Other Services tab. From here, select the type of alert you’d like to enable and follow the steps to configure. Alerts can be sent to an email address, via text message or both…it’s up to you!

Here’s the list of the top three alerts our Electronic Banking Specialists recommend all customers put in place.

My Profile Changed – Get an alert if there are any changes to your Merchants Bank Online Banking profile. For example, a change to the email address associated with your account. This alert may help you detect if someone else has accessed your account and is trying to make changes to your profile.

Internet Banking Login Error – Get an alert if your password is entered incorrectly when attempting to log in to Online Banking. This alert may help you detect if someone else is trying to access your Online Banking account.

Balance Alerts – Get an alert based on balances above or below a certain dollar amount. Simply select the account you’d like an alert for, then choose an option from the drop down and type in an amount. This alert may help you detect large withdrawals or purchases you did not initiate.

To learn more about all of our Merchants Bank Online Banking alert options, watch this video featuring Lucas Stangl, Electronic Banking Specialist.

To get started with alerts, sign in to your Online Banking account now.