Pillar Bank sponsored a business fraud prevention seminar on April 3 at our Amery branch. Speakers included Jeff Kersten, an Outreach Specialist for the Bureau of Consumer Protection within the Wisconsin Department of Agriculture, Trade and Consumer Protection, and Lisa Lyon, VP-Treasury Management Director for Pillar Bank.
Here are our top 10 fraud prevention takeaways for businesses:
- Keep Your Systems Updated:
Regularly update computers and software to close vulnerabilities that attackers or automated bots can exploit. - Beware of Emerging Technological Threats:
Criminals are using advanced tools—such as AI-generated voice mimics and avatars—to perpetrate scams and impersonations. Always verify identities through multiple channels. - Implement Strong Authentication Measures:
Use multi-factor authentication along with robust password policies. Leverage password managers such as 1Password or Total Password and create lengthy passphrases to protect accounts. - Cautious Handling of Gift Cards and Cryptocurrency:
Recognize that scams may involve requests to purchase gift cards or crypto. Employees should be informed that legitimate requests for such purchases will never come from within the company. - Be Alert Against Phishing and Business Email Compromise:
Avoid clicking on unknown links or opening attachments from unexpected sources to prevent falling victim to spear phishing and whale fishing scams. - Prepare Against Ransomware:
Adopt best practices such as keeping offline backups, regularly updating systems, and employing two-factor authentication. - Verify and Research Transaction Parties:
Whether it’s a vendor, charity, or business partner, always confirm identities and details via multiple sources before transferring funds or processing transactions. - Strengthen Financial Controls:
Use dual control systems for sensitive transactions (e.g., one person writes a check, and another person signs it) and tools like Positive Pay to flag fraudulent check activity. - Secure Sensitive Data and Work Practices:
Avoid using personal devices for work-related tasks, screen visitors thoroughly, and monitor social media to reduce risks from both internal and external threats. - Educate and Encourage a Cautious Response:
Encourage employees to “pause, not react” by taking time to scrutinize requests and communications. A well-informed workforce is one of the strongest defenses against fraud.
Pillar Bank offers a range of Treasury Management Services—ACH, Remote Deposit Capture, Simplified Invoicing, Positive Pay, and more. Contact Lisa Lyon at 715.688.7213 or l.lyon@pillar.bank for questions or a complimentary consultation.