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Businesses lose billions of dollars to fraud schemes every year. Fraud not only affects your bottom line, but can also affect your reputation and credibility, and even put your customers at risk.
Review the most prevalent fraud schemes businesses face today and learn more about fraud prevention best practices for protecting your business, and the tools California Bank & Trust offers to help minimize your risk.
Accounts Receivable Fraud
Scheme
Employees with access to accounts can steal funds from customer payments—online or offline— then fraudulently alter records through fake discounting or write-offs, faulty balancing, and fraudulent debiting. A common accounts receivable fraud method is known as lapping. This is where employees continuously steal customer payments to cover previous customer payment thefts.
Strategies
Tools
ACH Payments Fraud
Scheme
ACH payments fraud is one of the easiest ways criminals can access your accounts because all that's needed is a checking account number and bank routing number.
Strategies
Tools
Wire Fraud
Scheme
Wire fraud can be committed by employees and outsiders. Employees commit wire fraud by creating fake vendor accounts to pay themselves. Business Email Compromise (BEC) scams are among the top fraud threats to companies. In a typical BEC scam, a company will receive a fraudulent email or fax claiming to be a company executive or trading partner. The fraudulent communication requests that a time sensitive and confidential payment be sent immediately. It may also instruct an update to a payee’s bank account information with a different bank and/or account information.
Strategies
Tools
Credit Card Fraud
Scheme
Credit card theft is one of the most prevalent fraud methods. Criminals use increasingly advanced tactics to steal credit card numbers by setting up fake online stores or using phishing strategies to gain access to this information. They then quickly charge purchases to these cards or use them to secure a cash advance.
Strategies
Tools
Check Fraud
Scheme
Criminals steal checks from mailboxes and then use check washing methods to erase details from or produce their own fake checks. These checks are used to make purchases or withdraw funds.
Strategies
For protecting your own business checking account:
For protection against accepting fraudulent checks:
Tools
Online Account Takeover
Scheme
Through online "phishing" attacks, installation of malicious software (or "malware"), and setting up phony websites that seem legitimate, criminals can steal login credentials to your online banking tools—and then transfer funds from your accounts.
Strategies
Tools
General Fraud Prevention