The Truth About Payment Fraud
The uptick in payment fraud has businesses on alert. But there are things you can do to help protect your business.
Technology is advancing at a rapid rate, and criminals are keeping up. They are using old-school methods and taking advantage of the COVID-19 crisis to increase their efforts. We asked our payment fraud professionals to create a checklist of things businesses can do to help protect themselves.
Create a plan. Businesses need a fraud plan in place to know when an incident happens, who to contact and what to do next,” says Ashley Sutor, senior vice president of treasury management strategy and execution at Huntington.†
Consider a security suite of treasury management products. To help guard against both paper and electronic payment fraud, these products include measures like daily verification, account matching, filters, and blocks.
Look into cyber liability insurance.‡ Beyond standard coverage this is a more comprehensive policy that helps to safeguard businesses against the negative impact of payment fraud.
Upgrade IT infrastructure. Consider replacing and upgrading aging networks with systems that can keep up with the speed of current technology.
Your Huntington banker can work with you to help you determine your needs and suggest the right tools and options. When the issue is payment fraud, you’ll know you’ve done everything you can to help protect your business.
† Interview with Ashley Sutor, 2018.
‡Insurance products are offered by Huntington Insurance, Inc., a subsidiary of Huntington Bancshares Incorporated, and underwritten by third-party insurance carriers not affiliated with Huntington Insurance, Inc.
Investment, Insurance and Non- Deposit Trust products are:
NOT A DEPOSIT • NOT FDIC-INSURED • NOT GUARANTEED BY THE BANK • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • MAY LOSE VALUE
The information provided in this document is intended solely for general informational purposes and is provided with the understanding that neither Huntington, its affiliates nor any other party is engaging in rendering financial, legal, technical or other professional advice or services, or endorsing any third-party product or service. Any use of this information should be done only in consultation with a qualified and licensed professional who can take into account all relevant factors and desired outcomes in the context of the facts surrounding your particular circumstances. The information in this document was developed with reasonable care and attention. However, it is possible that some of the information is incomplete, incorrect, or inapplicable to particular circumstances or conditions. NEITHER HUNTINGTON NOR ITS AFFILIATES SHALL HAVE LIABILITY FOR ANY DAMAGES, LOSSES, COSTS OR EXPENSES (DIRECT, CONSEQUENTIAL, SPECIAL, INDIRECT OR OTHERWISE) RESULTING FROM USING, RELYING ON OR ACTING UPON INFORMATION IN THIS DOCUMENT EVEN IF HUNTINGTON AND/OR ITS AFFILIATES HAVE BEEN ADVISED OF OR FORESEEN THE POSSIBILITY OF SUCH DAMAGES, LOSSES, COSTS OR EXPENSES