Managing Payment Fraud Risk
First Business Bank Podcast
English - March 22, 2021 19:37 - 28 minutes - 25.7 MB - ★★★★★ - 11 ratingsEntrepreneurship Business salesstrategies strategicplanning businesscontinuityplans companyculture financialperformance financialrisk foundationalbeliefs Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Any method your business uses to pay a vendor, such as checks, Automated Clearing House (ACH) payments, or wire transfers, can be intercepted or manipulated to commit fraud. Check fraud is the most common, but wire fraud and ACH fraud are close behind. The same efficiency and speed that are benefits of electronic payments also make them attractive for fraudsters because there’s very little time for you to recognize the fraudulent payments and alert your bank to recall them.
This episode of the First Business Bank Podcast covers:
- Important low-tech best practices to implement at your business now to prevent payment fraud
- Critical steps to prevent ACH and wire transfer fraud
- Out-of-band authentication and why you need to practice it every time
- Dual controls internally to prevent theft and fraud
- Fraud prevention banking solutions for businesses
Podcast Panelists:
- Mark Meloy, CEO, First Business Bank
- Melissa Fellows, Senior Vice President – Treasury Management - Madison Market Leader
- Theresa Wiese, Managing Director of Compliance and Risk Management
Member FDIC