Protect Your Wisconsin Business from Fraud
In Wisconsin’s diverse economic landscape—from the vibrant commerce of Green Bay to the innovative spirit in Madison—fraud remains a pressing threat to business owners. At Fortifi Bank, we understand the challenges you face and are dedicated to helping you safeguard your business through a proactive and comprehensive approach.
Understanding the Threat: Common Fraud Schemes
Fraudsters are continually refining their methods to exploit vulnerabilities. Key risks include:
Debit Card Fraud: Scammers may mimic legitimate communications to trick employees into disclosing card details.
Phishing Scams: Fraudulent emails or texts impersonate trusted vendors or financial institutions to steal sensitive information.
Vendor Impersonation: Fraudsters can disguise themselves as reputable vendors. Always verify the identity and credentials before engaging in transactions.
Identity Theft: Impersonation schemes that target your business credentials and financial data, potentially disrupting operations and damaging your reputation.
Strategies to Prevent Fraud
Protecting your business involves a mix of smart practices and advanced security measures. Consider the following proven strategies
Know Your Vendor
Before initiating any transaction, confirm the legitimacy of your vendor. Research their credentials, check customer reviews, and verify their status with relevant regulatory bodies. If anything feels off, take a moment to reassess and opt for a more secure payment method.
Use Dedicated Transaction Accounts
Set up dedicated accounts for business activities and specific employees. These accounts, limited to necessary funds, help control access to company money and make it easier to spot unauthorized transactions through regular monitoring.
Implement Robust Fraud Detection Measures
Daily Monitoring: Regularly review transaction histories to quickly identify anomalies.
Immediate Reporting: Establish clear protocols for your team to report any suspicious activity.
Alerts and Spending Limits: Utilize banking tools to set transaction alerts and enforce conservative spending limits, minimizing exposure.
Train Your Team on Secure Practices
Continuous education is key. Provide regular training sessions on recognizing phishing scams, handling sensitive data, and following proper verification procedures. A well-informed team is your first line of defense against fraud.
Maintain Caution with Spending Limits
While higher spending limits might seem convenient, they can also increase risk. Evaluate and adjust spending limits carefully, ensuring they align with your business needs and security measures.
Inspect for Skimming Devices
Educate your staff on identifying tampering or skimming devices on ATMs and payment terminals. Regular inspections can help prevent data theft before it causes harm.
What To Do If You Suspect Fraud
If you notice any unusual activity or suspect your business might be targeted by fraud, take immediate action:
1. Halt Suspicious Transactions: Stop all further communications or transactions that appear irregular.
2. Contact Fortifi Bank Immediately: For immediate assistance, call our support team at 855.876.1500.
3. Review Your Accounts: Conduct a thorough review of recent transactions and monitor your account activity.
4. Report the Incident: Notify local law enforcement and file a report with the appropriate authorities.
How Fortifi Bank Safeguards Your Business
At Fortifi Bank, we leverage a comprehensive suite of tools and practices designed to keep your business secure:
Education & Awareness
Community Engagement: We hold regular speaking engagements and provide educational materials to keep you updated on the latest fraud trends and prevention techniques.
Proactive Communication: Our frontline staff is always ready to advise you on fraud detection and mitigation strategies.
Online Authentication & Controls
Enhanced Security: Our online and mobile banking platforms employ multi-factor authentication, out-of-band authentication, and security questions to protect your accounts.
Transaction Monitoring: Fortifi Bank provides online and mobile banking tools that empower you to monitor your account activity in real time, giving you greater control over your account security.
Debit Card Limits & Fraud Detection Tools
Secure Transactions: Fortifi Bank has debit card limits and the ability to quickly disable cards via online and mobile banking if you suspect compromise.
Advanced Tools: Use our fraud detection measures such as transaction alerts, ACH Block and Filter, and Positive Pay services—specifically designed for our business clients—to maintain tighter control over your accounts.
Our Commitment to Your Business
At Fortifi Bank, protecting your business is more than a service—it’s our commitment to the Wisconsin community. We blend advanced technology with a personal, warm touch to offer tailored fraud prevention solutions. By staying vigilant and implementing these strategic measures, you can confidently safeguard your assets and continue to grow your business.
For any concerns or immediate support, remember to call our Wisconsin support team at 855.876.1500. Together, we’ll keep your business secure every step of the way.
