DeWITT, N.Y. — Protecting your money takes a lot more than an alarm or guard at the bank or shielding your PIN when you enter it at the ATM. This is especially true for businesses as more financial transactions take place in cyberspace. Businesses often notice bad transactions weeks after the fact, says Daniel Cardi, […]
DeWITT, N.Y. — Protecting your money takes a lot more than an alarm or guard at the bank or shielding your PIN when you enter it at the ATM. This is especially true for businesses as more financial transactions take place in cyberspace.
Businesses often notice bad transactions weeks after the fact, says Daniel Cardi, AVP and corporate security officer for Community Bank, N.A. in DeWitt. The number-one thing business owners and managers can do to avoid the fallout from such transactions is to pay attention, he adds.
That means staying up to speed on account activity and recognizing things outside the usual pattern of activity. Scammers often try to mix things into normal transactions, so those in charge of finances should keep a close eye on unusual patterns, he adds. Paying attention means a business can lock down a credit card or bank account as soon it sees something out of the ordinary to prevent any further fraud or loss.
Businesses should also educate employees of the dangers of phishing, according to Cardi. “We’ve seen a lot of commercial customers [who] receive these scam emails,” he says. These emails present as things like a bill that’s due, but the email might note that the original payment method didn’t work and include a link for providing a new payment method. If an employee clicks the link and inputs the company credit-card information, the scammers now have that data, he says.
It’s important to scrutinize every email and look for clues that show it’s fake, including unusual fonts, misspelled words, or names that are slightly different, Cardi says. “If you don’t feel right about it, we’re happy to do the work and check it out,” he adds.
Businesses are often aware of some of the most basic protections such as creating difficult passwords to protect accounts, Cardi says, but may fall short on things like periodically updating those passwords or making sure the software on their computer is up to date. Good antivirus software is also important, as is making sure your bank has updated contact information for your business in the event it needs to reach you, he adds.
Another thing to remember is that not all points of vulnerability are at the end of a computer. Cardi urges customers not to write checks if they don’t have to, especially since they are vulnerable at three points — in the mailbox, during delivery, and at the final destination. Something as simple as tossing a check into the trash after mobile depositing it could open the door to criminals who can image the check and sell that image on the dark web, Cardi says.
If your business must use checks, he has a few recommendations. First, make sure to shred checks as soon as they aren’t physically needed anymore. Second, he recommends routinely changing out check stock.
“Change up the colors, switch the font,” he says. “Make it difficult for the bad guys.” Doing these things even just a few times a year makes it that much harder for fraud to happen.
Finally, Cardi says, don’t be afraid to reach out to your financial institution for help.
Headquartered in DeWitt, Community Bank was recently named one of Newsweek magazine’s most trusted companies and has more than $15 billion in assets with more than 220 branches across New York, Pennsylvania, Vermont, and Massachusetts. Parent company Community Bank System, Inc, (NYSE: CBU) also operates Benefit Plans Administrative Services, Inc. (BPAS); Community Bank Wealth Management; Nottingham Advisors, Inc.; and OneGroup NY, Inc.