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
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