There are growing concerns across the industry about Internet fraud. The FDIC continues to warn companies of increased electronic funds transfer (EFT) fraud. Most incidents are a result of compromised login credentials and are perpetrated using malicious software, key loggers and illicit e-mail messages. The U.S. Treasury Department has reported increased incidents of wire transfer fraud and of fraud targeting ACH Batch transfers. You can greatly reduce your exposure to online fraud - and prevent fraud in its most common forms - by instituting the following recommended best practices:
Best practices for online security:
- Install an Internet Security Suite that provides a personal or corporate firewall as well as anti-virus, anti-malware and anti-spyware software.
- Configure all security and anti-virus software for regular updates and scans to guard against the most current threats.
- Ensure corporate firewall and network controls remain current.
- Perform online banking transactions on computers that are not used for general
Internet purposes (e.g., e-mail visits to other Web sites, including social
- Ensure each computer used for online banking is secure.
- Institute dual control for initiating and releasing wire and ACH transactions. Dual control consists of the separation of duties and is an easy-to-implement control that not only prevents or decreases the risk of internal errors or irregularities, but also protects against unauthorized transactions initiated by a hacker.
- Reconcile electronic transactions daily.
- Computer users should not navigate the Web on their PC when they are using an “identity” that has administrative rights. Instead, set up a separate identity without administrative rights for Web browsing, and only use the administrative rights identity when you are not operating on the Web.
- Launch a fraud awareness and prevention initiative and keep team members educated about online risks and best practices on an ongoing basis.
- Perform an annual review of all fraud mitigation practices in order to identify and address any existing gaps.
Important Fraud Advisory for Businesses from the U.S. Secret Service, FBI, the Internet Crime Complaint Center and the Financial Services Information Sharing and Analysis Center.
Cyber criminals have begun targeting financial accounts of small and medium sized business owners and employees, resulting in significant business disruption and monetary loss.
Learn more about how to prevent and report online fraud.
Simple and effective online security hints
Dual control approval for ACH and Wire transactions
Protect your business from unnecessary loss with Regions Fraud Prevention Solutions
Regions offers an array of fraud protection tools for business of all sizes that work in tandem to safeguard information to substantially reduce your exposure to fraud. Learn more – contact your Regions Treasury Management Officer or Relationship Manager.
Fraud Prevention Resources
Learn more about the best practices and other helpful tools to help protect your business from fraudulent practices.
Immediately report any suspicious e-mails that appear to be from Regions Bank, application popups, unexpected error messages or an unfamiliar login screen to Regions Client Services by calling 1-800-787-3905.