In today’s digital world, fraud and scams are becoming increasingly complex and hard to catch. From business email compromise to phishing scams, fraud can pose serious risks to your business’s finances and reputation. That makes it essential to take steps to safeguard your organization – and our checklist below can help. Use the following tools and best practices to identify potential vulnerabilities, strengthen internal controls, and keep your business secure.

Online Banking Tools from Bell

Bell Bank offers a range of online banking resources to help protect your business against fraud, including: 

• ACH Positive Pay: This tool allows you to identify specific businesses or vendors that can make electronic debits to your account. When a transaction posts to your account, you have the ability to allow or deny the payment.
• Check Positive Pay: Similar to ACH positive pay, this option gives you the ability to verify checks you’ve issued and authorized against checks that are presented for payment against your account.

According to Q2, a digital banking solutions provider, the adoption of positive pay by businesses prevented over $3.6 billion in fraudulent check and ACH transactions in 2024.

Other online banking tools and resources offered by Bell include: 

• Dual approval for ACH and wires
• Online user limits for ACH and wires
• Ability to tailor online banking access for employees
• Option to use a paperless payment method
   

Vetting Vendors and Suppliers

Regularly vetting and monitoring your business’s vendors and suppliers is another way to mitigate risks associated with fraud. Steps to take could include: 

• Identify which employees can add vendors and suppliers
• Utilize third-party security assessments
• Confirm vendor registration with the Better Business Bureau
• Look up vendors’ legitimate contact information online
• Monitor vendor and supplier risk on a regular basis
• Require callback verification for all updates and changes to vendor info

Internal Controls

Additionally, creating strong and clearly defined internal controls can help you proactively reduce your business’s exposure to fraud. Here’s how: 

• Maintain separation of duties for employees
• Identify employees with access to sensitive data
• Restrict online banking access based on role
• Provide regular fraud training and education for employees
• Identify high-risk processes and monitor employee involvement
• Review employee access to bank accounts
• Utilize a third-party fraud review
• Conduct periodic reviews of security policies and procedures

While fraud and scams may always pose a threat to your business, the right tools, training and processes can go a long way toward protecting your organization, your finances and your customers.

To learn more about how Bell can help in the fight against fraud, contact your business banker or find a banker near you.

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