Freedom's Tips for Preventing Fraud in your Business Account

As you have likely heard through a variety of news media outlets, electronic and check fraud is on the rise and, like most banks, we are seeing more and more attempts every day. To help combat the fraudsters, and protect your accounts, Freedom Bank offers several tools that will provide you additional security and control over the transactions posting against your account. If you are not yet using our Positive Pay solutions, we highly recommend adding them as soon as possible. We also recommend that you keep a close eye on the transaction activity in your accounts and notify us immediately if you notice something unexpected or unusual. The federal banking system rules have very specific timelines for returning checks and ACH transactions, sometimes as short as 24-hours. Meeting those deadlines assure that funds can be recovered. After those deadlines (24-hours for checks and generally 2 business days for ACH items) the likelihood of recovering the lost funds drops significantly. In addition to incorporating Positive Pay (check and ACH) as part of your suite of banking services, Freedom Bank is providing our list of Top 10 Ways to Protect your Accounts:

1. Keep your contact information up to date
2. Use strong passwords. Go for length and complexity
3. Keep your account access information secure – never share your user ID and password with anyone
4. Protect your devices with the most current operating systems including “fixes and patches” provided for your software systems
5. Use Multi-Factor Authentication when logging in to the portal. The bank will send a one-time code via SMS to the mobile phone associated with your account
6. Review and reconcile your account daily – notify the bank immediately if you notice unusual or unauthorized activity
7. Limit user access to necessary activities only
8. Require dual control for outgoing payments
9. Confirm all changes in vendor payments with a known contact at the vendor
10. Discuss cyber insurance with your insurance provider

Fraudsters are determined and creative – working together we keep your accounts and activity safe. Please contact your Relationship Manager, or a member of our Treasury Management team for more information about Positive Pay and other information about protecting your accounts. We look forward to speaking with you!