3 Ways to Safeguard Your Business

October 19, 2023

YOU are the front line of defense against scammers. 

In today’s digital age, safeguarding your business finances against scammers is important. As the front line of defense for your company, it’s crucial to stay well-informed. To help you protect your assets, here are the top three business security tips:

Bank’s Never Ask That!

Picture this scenario: your phone rings, and the caller ID displays your bank’s name. You answer only to hear a person claiming to be from your bank’s customer service department urgently stating there’s a problem with your account. They request personal information, such as your PIN or account password. What should you do?

Scammers frequently employ tactics like this to gain access to your financial information. To protect yourself, it’s essential to exercise caution. Texas Regional Bank advises you to follow these steps:

  • Stay Calm: Take a deep breath and remain composed. Scammers often create a sense of urgency to pressure you into divulging sensitive information.
  • Verify the Call: Hang up the phone and independently verify the call’s legitimacy. Contact your bank using the official contact information provided on their website or your account statements. Do not use the phone number provided by the caller.
  • Never Share Personal Information: Never share sensitive information such as your PIN, account password, or social security number over the phone unless you are sure of the caller’s identity.

For detailed guidance on handling such situations, please refer to our article, Avoid Scammers Who Claim to be from Your Bank.

By the way, the same scam can occur via email (see #3).

Always Verbally Verify

Cybercriminals commonly use spoof emails to impersonate vendors you frequently do business with. Cybercriminals want you to provide fraudulent ACH payment information and/or wire instructions so customers can send their payments to accounts under the criminal’s control. It is important to remain diligent in reviewing and checking for authenticity behind the sender’s email address before responding.

Always call a trusted number to verify the information in the email if it is asking you to update or change your wire or ACH information. Vendors, Banks, Mortgage Companies, and Title Companies rarely, if ever, change their wire/ACH information.

Common Mistakes to Look for In Emails:

  • Misspellings in the email. Impersonators will change a letter in the email domain to make it appear identical.
  • The branding on the company logo looks slightly off.
  • Bold call to action such as CLICK HERE NOW!! Or YOU MUST CALL US IN 24HR.

Guard Against ACH Fraud

ACH (Automated Clearing House) fraud is a growing concern in the financial world. Scammers use phishing emails and malware viruses to steal personal information, including routing and account numbers. Once they have this information, they can execute unauthorized fund transfers.

The rise of ACH fraud is alarming; in 2021, it accounted for 37% of all fraudulent activity. To protect your business from ACH fraud, consider the following:

  • Educate Your Team: Ensure that your employees are well-informed about ACH fraud risks and the importance of maintaining strict security practices.
  • Implement Multi-Factor Authentication (MFA): Enforce MFA for accessing sensitive financial systems, adding an additional layer of security to protect against unauthorized access.
  • Regularly Monitor Accounts: Consistently review your business accounts for any unauthorized or suspicious transactions and report them immediately.

For more detailed insights into ACH fraud and proactive measures to safeguard your business, consult our article, What is ACH Fraud and How to Protect Yourself.

By following these top three security tips from Texas Regional Bank, you can bolster your business’s financial security and protect yourself against scammers who seek to exploit vulnerabilities in your defenses.  Vist trb.bank to stay current on ways to protect your business.

Stay vigilant, stay secure, and protect what matters most.

Texas Regional Bank

Texas Regional Bank is a privately owned institution that was founded in South Texas with the goal to bring a locally-owned, relationship style bank back to the communities we serve. TRB is committed to building a relationship with our customers by providing exceptional customer service, financial products, and mobile and online banking.