Local businesses are the backbone of our communities, and that unfortunately makes them attractive targets for fraud. Criminals study public websites, social media, and even local news to learn who you do business with, then pose as a trusted vendor, employee, or even the owner.
Five controls to put in place
- Dual controls for payments. One person sets up ACH or wire details, another approves.
- Call-back verification. Always confirm new payment instructions by calling a number you already have on file, and not the one in the email.
- MFA everywhere. Use multi-factor authentication for email, payroll, invoicing software, and Online Banking.
- Patch and back up. Update systems monthly and follow the “3-2-1” backup rule (three copies of data, two types of storage, one off-site).
- Train the team. Hold short, regular reminders about phishing and invoice fraud. Awareness is your best defense.
Helpful playbooks:
If a payment goes to the wrong place, call us immediately. Then file a report with the FBI IC3. The faster you act, the better the odds of recovering funds.
Even small security steps make a big difference, and Farmers State Bank is always here to help protect your business accounts.
