Last week, I told you about one of the biggest worries facing the banking world today: Identifying fraud and protecting clients from it!

Today we will look at measures you, as a public entity or higher Ed institution, can take to ensure that you’re protected from fraud or scams in the transfer or payment of your monies by phone, email, check, or online. Here are a few tips:

1.) Have a conversation with your bank(s) on what fraud protection services they offer and to what level you are protected.

2.) Establish “Positive Pay” or “Payee Positive Pay” on each account that issues checks. Under this protection, your bank will ask you to verify the authenticity of a check before a check is paid out. Establish ACH blocks and filters on all appropriate accounts.

3.) Embrace new banking technology like electronic banking and purchasing cards.

4.) Be observant! Keep in mind, just like a common cold, fraud and viruses are looming and waiting for the right time to hit you. Don’t get caught off-guard.

5.) Train your full staff on a regular basis. Tell them to be suspicious of emails, phone calls that seem normal, and checks and wire transactions that appear standard—they could be fraudulent.

6.) Finally, trust your gut and those that work for you. Encourage them to ask questions, no matter how obvious or simple they may seem.

Every dollar you protect is one less dollar that is at risk to your entity.

At three+one, we can help you create the right mix of fraud-protection services for your entity and help you with those conversations with your bank. Our interest is wholly that of your entity and those you serve.

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Upcoming Events

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NYSGFOA Annual Conference
Pre-conference – March 20th, 2018
Annual Conference – March 21-23rd, 2018
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