There are growing concerns throughout the industry about Internet fraud. The FDIC continues to warn companies of increased electronic funds transfer (EFT) fraud and the US Treasury Department has reported an increase in wire transfer fraud incidents and fraud that targets ACH Batch transfers.

Most incidents are a result of compromised login credentials and are perpetrated using malicious software, key loggers and illicit e-mail messages. You can help reduce your exposure to online fraud and reduce risk by instituting the following recommended best practices:

Best Practices for Online Security

• Install an Internet security suite that includes 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 frequently conduct 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 sending and receiving e-mail messages, web browsing or social media.
• Ensure each computer used for online banking is secure.
• Institute dual control measures for initiating and releasing wire and ACH transactions. (Dual control means separating duties so no employee can execute the entire transaction.) It’s easy to implement and prevents or decreases the risk of internal errors, and protects your business against unauthorized transactions.
• Reconcile electronic transactions daily.
• Refrain from web browsing while using an “identity” that has administrative rights. Set up a separate identity without administrative rights for web browsing.
• Launch a fraud awareness and prevention initiative and continually educate team members about online risks and best practices.
• Perform an annual review and audit of all fraud mitigation practices to identify and address any gaps.

Other Online Security Resources

• Building a Digital Defense with an Email Fortress 
• Business Email Compromise Scam 
• Business Email Compromise: The 3.1 Billion Dollar Scam 
• How to Prevent Corporate Account Takeover 
• Simple & Effective Online Security Tips 
• Dual Control: A Best Practice to Safeguard against Electronic Payments Fraud 

Fraud Prevention Resources

Review fraud prevention resources best practices and other helpful tools that can help you protect your business from unnecessary loss. Regions also offers fraud protection tools for business of all sizes that can help you reduce your exposure to fraud.

Reporting Fraud

If you believe that you are a victim of fraud or have received a suspicious email message, please call Regions Client Services immediately at 1-800-787-3905.