Provides examples to educate customers about the importance of awareness and due diligence when banking electronically.
Do You Take the Threat of Check Fraud Seriously?
Posted on 1/17/2019 2:19:49 PM
According to a whitepaper developed by Troy Security Solutions a full 95% of business leaders state that checks are still their number one choice for making payments, yet most businesses do not have the proper solutions in place for check fraud prevention.
Our friends at Malwarebytes wrote: "It's tough to remember all of the data breaches that happened in 2018. But when you look at the largest and most impactful ones that were reported throughout the year, it paints a grim picture about the state of data security today."
Be Better Protected on Social Media with Multi-Factor Authentication
Posted on 9/10/2018 11:53:08 AM
With the ever-increasing risk of identity-theft thanks to breaches from some of our favorite brands (Equifax, Target, Home Depot) to name a few, it's more important than ever to find ways to ensure you're the only one logging into your online accounts.
Recently some of our retail business customers have had issues with customers paying with fake cash. While at first glance it can look pretty authentic, there are things you can train your employees to look for to ensure you don't end up losing out on those payments.
Warn Accounting and HR: W-2 Phishing Scams Will Resurface in a Few Weeks
Posted on 2/9/2018 8:55:03 AM
W-2 phishing season is here. For the past several tax seasons, cyber criminals have used sophisticated social engineering tactics to dupe hundreds of payroll and HR departments into providing W-2 data on their employees, which results in the filing of fraudulent tax returns and other identity theft cases.
Your mobile device provides convenient access to your email, bank and social media accounts. Unfortunately, it can potentially provide the same convenient access for criminals. The American Bankers Association recommends following these tips to keep your information — and your money — safe.
In early September, Equifax, one of the largest credit reporting bureaus, announced as many as 143 million Americans may have been affected by a data breach they experienced. Data risk includes Social Security Numbers, birth dates and addresses. Some drivers license numbers were also compromised as well as roughly 209,000 credit card numbers. Due to the widespread media coverage of this breach, you may be wondering how this may affect you and what you can do to protect your identity.
Positive Pay a Positive Experience for One Customer
Posted on 7/20/2017 10:27:10 AM
Check fraud continues to rise as more are attempting it due to the increased difficulty of credit card fraud with the introduction of the chip technology. CNB's business customers have the option of using a software program calledPositive Pay, which reviews daily all the checks a business writes to match the amount of the check, payeeinformation, and check number.
We recently had a customer who was a victim of a debt consolidation scam. She was contacted by phone from a company (BPT Funding, Inc.) claiming to specialize in debt consolidation and offering to help lower her monthly payments by paying smaller balances off with a cash advance from Discover. A three-way conference call was held between the customer, the fraudulent company and Discover where she was approved for the amount needed to pay off the balances. Discover transferred the funds to her checking account. She made a personal check out for that amount to the fraudulent company who offered to take care of paying all her balances off for her.Unfortunately, her bills kept coming and nothing had been paid off.
Phishing is the fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers. This is not a new scheme, but it continues to be an effective one.
If your business writes checks, you can benefit from Positive Pay. This automated system reviews every check presented for payment against the file submitted by the business and flags any that do not match by amount, payee, check number, etc... You the business owner make the call whether or not to pay the flagged check. If you're interested in learning more about preventing check fraud and the potential loss of dollars for your business, contact Treasury Management.
Check Fraud Can Happen To You! Counterfeit checks are a genuine threat as one of our business customers recently realized. They received a phone call from another bank asking them to verify checks that were being cashed. Fortunately, the other bank was aware enough to recognize there was something suspicious about the check.
Wire fraud is a virtual crime that costs businesses millions of dollars every year - and it's on the rise. According to a report by J.P. Morgan, 60 percent of businesses faced payment fraud in 2013 and roughly 95 percent of those endured financial losses that year.There is a growing trend toward cyber criminals targeting smaller businesses with respect to payment fraud. Some of our own customers this year have experienced wire fraud, resulting in lost dollars and a lot of frustration.
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