Treasury management stands at the heart of your business, making it a target for modern criminals and digital threats. At TBK Bank, we help businesses protect their financial health by staying ahead of these risks. Here are three proven strategies to strengthen your defenses.
Understanding Treasury Fraud Risks
Criminals use schemes like Business Email Compromise (BEC) and spoofing to trick organizations into sending money. BEC involves compromising business email accounts and pushing fraudulent transfer requests. Spoofing disguises email addresses or phone numbers to look legitimate, often tricking employees into sharing sensitive information or authentication codes. Scammers often target leadership or those in accounting by gathering public information and mimicking their communications.
Strategy 1: Use Advanced Security Tools
Leverage technology such as Positive Pay and ACH filtering. Positive Pay matches checks against your records, flagging suspicious activity. ACH filtering lets you approve authorized debits and block unauthorized ones. These tools add essential layers of security.
Strategy 2: Strengthen Internal Protocols
Enforce dual control for financial transactions so more than one person must approve any transfer. For changes in payment instructions, always verify by calling known contacts—not by responding to emails. Clear procedures help prevent fraud before it starts.
Strategy 3: Build a Security-Focused Culture
Train employees regularly to spot red flags like urgent or unusual payment requests. Remind your team that TBK Bank will never ask for passwords or one-time codes by phone or email. Create an environment where employees feel comfortable double-checking any suspicious requests, no matter the source.
Respond Quickly if Fraud Occurs
If you spot fraudulent activity, act fast. Wire transfers are more difficult to recover and require immediate action. Always report incidents to the Internet Crime Complaint Center and the Federal Trade Commission.
TBK Bank: Your Ally in Fraud Prevention
Fraud threats continue to evolve, but you do not have to handle them alone. Combine technology, clear policies, and strong team awareness for a safer treasury environment. Contact TBK Bank to explore how we can help keep your business and customers secure.