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Fraud Protection Tips

Posted by Bank Mutual on May 05, 2016 05:00:00 AM

Topic: ALL

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At Bank Mutual, we’re experienced with protecting our customers from fraudulent activity. With growing threats from both cyber and physical fraud, it can be difficult for many businesses and working professionals to maintain security.

Questions to ask yourself about commercial fraud, include:

  • How dangerous is fraud?

  • Is this a direct threat to my business?

  • What does an attack look like?

  • What can be done to be protected from these attacks?

We’re here to help answer these questions.



Businesses worldwide face fraud, and the risk is now higher than ever before. Check fraud is the greatest threat. Paper checks can be counterfeited, altered, or duplicated. However, only 2% of check fraud occurs when using electronic checks. That’s just one example of how Bank Mutual provides a secure electronic environment for its users.

Many companies rely on antivirus protection and firewalls to keep their systems safe.  However, this can provide a false sense of security if they believe their systems are completely secure.

Fraud rings are sophisticated and often target unsuspecting individuals within the company. Typically, a user allows a virus to enter their computer through links in unknown emails. Everything may appear to be fine, but a virus or Trojan may stay in the system, tracking their key strokes waiting for a user to log into their online banking account.

Once that happens, it doesn’t take long for the hacker to log into the compromised bank account.  Their goal is to send an outbound payment to themselves.  Ultimately, it will appear as though the transaction was approved by the company. All it takes is one computer -- at the office, or at home -- to open the company up to an attack.

Bank Mutual offers a range of tools to help minimize the risk:

  • Dual Control requires additional approval on outbound payments from two users at the business.  Since it’s unlikely for a hacker to have access to 2 users at the same company, this greatly reduces risk.

  • Debit Blocks will not allow any debits to be made from external parties.

  • A debit filter allows specific companies to make charges, but if an unrecognized company makes a charge, we’ll email you.  This gives you a chance to return the payment before it’s a loss.

  • Another available tool is Positive Pay. After a company issues a check they simply upload those details, including account, check number, and amount. Every day Bank Mutual matches incoming checks with this list. If any discrepancies are found, the customer will be notified and can elect to either pay or return the item.

We offer these options and more for our users.  Our goal is to offer maximum security, with minimum inconvenience, so you can focus on running your business.

If you’d like to see how your business could benefit from these, or other services Bank Mutual offers, please contact us with any questions, or to set up a consultation.

To learn more, contact one of our local Commercial Bankers.