Business Fraud Prevention Resources

General Online Banking Tips

• Perform or initiate all online banking activities from a stand-alone, completely locked down computer system from which email is not accessed and web browsing is restricted to online banking activities.
• Use dual control to initiate and approve wire transfers and ACH transactions.
• Set up two-factor (or multi-factor) authentication on any account that allows it, and never disable it.
• Review your bank accounts daily to identify any unusual or unknown transactions.
• Use positive pay on all accounts with check writing and issuance privileges.
• Use ACH blocks and filters to monitor transactions and block or restrict debit activity.
• Eliminate paper and access bank account information and statements online.
• Separate bank account reconciliation and reporting functions from payment initiation and management.
• Ensure corporate resolutions, authorized signatures, and other banking agreements are current.

General Workplace Tips

• Educate your employees on your corporate security policy.
• Keep all IDs, passwords, security codes and cards safe and secure, and do not allow employees to share them.
• Store financial information in a secure area with restricted access and dispose of unused and outdated documents properly.
• Establish a company security policy for all areas including computers and physical building security.
• Implement a third party or independent review and audit system.
• Know your customers, vendors and business partners, and have contracts and controls in place.
• Know your employees; perform background checks; and always verify employee access to information.

Email & Software Tips

• Do not open unsolicited emails.
• Do not open attachments or click on links in unsolicited emails.
• Do not open or execute files from untrusted sources.
• Be continuously vigilant for social engineering attempts
  at fraud.
• Make sure your desktop anti-virus/malware software is current and is configured to receive signature updates frequently and automatically.
• Configure your desktop anti-virus/malware software to continuously scan automatically in the background
  (real-time scanning).
• Configure your desktop anti-virus/malware software to run frequent full scans on all disk drives.
• In case of infection, see your anti-virus vendor for instructions.
• Install application and operating system patches regularly.

Password Tips

• Change passwords frequently.
• Use complex passwords (minimum eight characters, containing upper and lowercase letters, numbers, and special characters).
• Do not use the same password for all applications.

Fraud Prevention Services

Online Treasury Management and Mobile Treasury Management

Single point of access to help your business manage accounts, manage working capital, originate payments and monitor your account activities.

Account Reconcilement Plans

Detailed reporting to help reconcile payments and deposits against your account. Account Reconcilement is often paired with Check Positive Pay to maximize fraud protection.

Check Positive Pay

Monitor your check disbursements and identify suspect check items by providing a list of check items that First Commonwealth will match against items presented for payment.

ACH Filter

Reduce the risk of unauthorized ACH debits and potential payment fraud by allowing you to review and make payment decisions on ACH transactions that don’t meet your pre-established criteria

Debit Block

Block all ACH debits against your account so that any ACH debits are automatically returned to the originating bank

 

If you are interested in any of these products, please contact your local branch office or answer a few quick questions and our Treasury Management team will be in touch with you to discuss getting better Treasury Management Solutions for your business.

What to Do If You Suspect Fraud

If you suspect you have experienced fraud, there are important some steps you can take to help mitigate any future risk.

• First Commonwealth Bank Treasury Management (TM) customers are urged to call (724) 463-5857.
• Non-TM First Commonwealth Bank customers should contact your local branch office or the Engagement Center at (800) 711-2265.
• Contact your law enforcement agencies
• File a complaint, regardless of monetary loss, at gov.
• Enroll in First Commonwealth’s Fraud Protection services.
• Consider changing your account numbers.
• Consider updating system credentials and user/ID passwords for your banking applications.

Most Common Types of Business Fraud

ACH Fraud
When an account is accessed for unauthorized ACH payments or withdrawals.

Business Email Compromise (BEC) & Masquerading
This technique is employed to assume control of a C-level executive's email address to con lower-level employees and/or even banking staff into scheduling fraudulent wires. And while these attacks are waged against a banking institution's commercial customers, not the institution itself, banking institutions should be on high-alert for this emerging scheme.

Check Fraud
Any efforts to obtain money illegally using paper or digital checks.

Malware
Software that is specifically designed to disrupt, damage, or gain unauthorized access to a computer system.

Phishing

A form of social engineering and scam where attackers deceive people into revealing sensitive information or installing malware such as ransomware.

Ransomware
A form of malware that encrypts a victim's files. The attacker then demands a ransom from the victim to restore access to the data upon payment.

Spiderware
A software program that travels the web locating and indexing websites for search engines.

Spyware
Spyware can capture information like Web Browsing habits, e-mail messages, usernames and passwords and credit card information. The software can then transmit to another person’s computer using the internet.

Wire Fraud
Financial fraud involving the use of telecommunications or information technology.

Voice-Phishing (Vishing)
Scams happen over the phone, voicemail or VoIP (Voice over Internet Protocol) calls. Computer systems can create audio that sounds like a particular person speaking, giving the impression that a trusted individual is making a request.

Additional Resources

Fraud Management Best Practices

IP Restriction Instructions