The Good News Is That Fraud Is Avoidable
Most growing business owners don’t recognize that online fraud is a real threat. They’re busy taking their business to the next level, not protecting their assets. And they assume that they are protected by their bank, which they are not. We never thought it would happen to us is a common refrain among businesses damaged by fraud. But the truth is this: fraud happens, and when it does, it’s devastating to your business – from lost funds to business distractions to litigation costs.
Limited IT resources and funds can make implementing state-of-the-art technological defenses impractical for growing businesses. You can work more closely with your bank to set up some limits and alerts, but these can be cumbersome – and do nothing to protect you once fraud happens. You can implement strict best practices among your employees – limiting account access to funds, dedicating one computer for banking, and monitoring accounts vigilantly. But all it takes is one slip-up to let a cybercriminal in. And they’re as persistent as they are devious. The good news? Fraud is avoidable. Fraud is avoidable
At MineralTree, here is how we provide that extra layer of security you need when it comes to using electronic transfer (ACH) to pay vendors:
- Segregation of Duties – because we have 2 different interfaces for invoice management and payment execution, the person committing the fraud would need to take over 2 accounts.
- 2-Factor Authentication – requiring a login, then an access code sent to the user’s mobile device help protect your account. This is at the login level and at the payment release level.
- ACH is sent via FTP, not your browser – this ensures your bank information is secure and not being transmitted across a browser.
Because we have built a secure system we trust, in the event you do become a victim of fraud, we will cover you up to $100,000 per year.
Learn more about our fraud protection here.← Back to Invoice-to-Blog