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Fight fraud with the Layered Defense Approach

Layered defense

In business, there's no end to the variables that factor into your success and require your attention: How's the economy doing? What are competitors up to? Have customer expectations changed?

One concern that may get short shrift among all the other competing demands is payments fraud. It's a significant threat, costing North American companies $3.5 billion annually. The Association for Financial Professionals' 2016 Payments Fraud and Control Survey reports that nearly three quarters (73 percent) of all American businesses were targeted for payments fraud in 2015.

Fraud comes at your business from all angles. Cybercriminals may pose as customers, vendors, contractors — even your own executives. To protect your business, you need strong tools, best practices and support you can count on. Tools like the Layered Defense Approach for cybersecurity from California Bank & Trust can help shore up vulnerabilities and protect your business from fraud. The Layered Defense Approach is a suite of security products, services and best practices designed to create comprehensive safeguards against fraud.

A multi-faceted solution for fraud protection

With the Layered Defense Approach, four frequently updated layers of protection work in concert to help protect your business from fraud:

  1. Fraud monitoring. California Bank & Trust continually monitors your accounts for suspicious activity and will attempt to contact you if unusual activity is detected.
  2. Multi-level authentication. There are three types of credentials that can be used to validate or restrict access to your accounts: something you know (such as a PIN), something you have (such as a computer, phone or card) and something you are (such as a biometric like a fingerprint or voice print). Multi-level authentication requires two of the three.
  3. Secured web browsing. IBM® Security Trusteer Rapport® software helps secure your web browser by working alongside your antivirus and firewall software to provide online protection. Download it free from California Bank & Trust.
  4. An adaptive security platform. Customize a suite of fraud-fighting tools to your business. Depending on the types of payments you use and the specific threats your business faces, you may want to implement lockbox services, Positive Pay, EMV chip card technology and much more.

A proactive strategy for payments fraud

Your California Bank & Trust representative can share best practices to help protect your firm's money, time and reputation. Implementing simple policies and procedures can reduce the risk of fraud from:

  • Accounts receivable
  • ACH payments
  • Wire transfers
  • Credit cards
  • Checks
  • Account takeover/enrollment

Learn more about the Layered Defense Approach in this short video from California Bank & Trust. Together, we can work to safeguard your business so you have more time to concentrate on reaching your business goals rather than worrying about fraud.

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The information contained herein may not represent the views and opinions of California Bank & Trust, a division of ZB, N.A. or its affiliates. It is presented for general informational purposes only and does not constitute tax, legal or business advice.
The CB&T Bank Blog website may contain links to third-party websites not affiliated with California Bank & Trust, a division of ZB, N.A. and may have a different privacy policy and level of security. California Bank & Trust, a division of ZB, N.A. is not responsible for, and do not endorse or guarantee, the privacy policy, security, accuracy or performance of the third-party's website or the information, products or services that are expressed or offered on that website.