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Fraud prevention should be an integral part of every company’s business strategy. It’s not just about stopping the bad guys; it’s about enabling your business to grow and evolve without unwanted — and costly — interruptions. Silicon Valley Bank offers preventative tools, services and guidance to help you mitigate your risk of fraud.
Prevent fraud on our online systems
Segregate and reconcile accounts to help safeguard your business
Tips for lowering risk of internal fraud
Best practices for reducing payment fraud risk
Your online and mobile environments — including systems like online banking and hardware such as smartphones, computers and servers — both protect and expose your company’s assets and information. For example, while digital transactions can greatly reduce your fraud risk, they simultaneously expose your systems to the latest threats from malware, spyware, viruses, bots and browser hijack. Ever more sophisticated hackers are forcing businesses to adapt. SVB offers online and mobile protections to help minimize your risk.
Online protection without the premium
SVB has partnered with IBM®, a leading expert in financial security, to offer
IBM Security Trusteer Rapport® online fraud protection software. Trusteer Rapport works alongside your existing firewall and antivirus solutions to help protect your financial information by creating a secure transmission channel between your keyboard and SVB Online Banking. Take control of your company’s online security by downloading the free software today.
Authenticate, SVB’s out-of-band authentication service, helps reduce the risk of online banking fraud by requiring users to verify their identity via text message or a phone call at login when high-risk activities are being performed. Out-of-band authentication is an industry best practice because it provides a second layer of authentication in the event fraudsters gain access to your online credentials. Use Authenticate in conjunction with other fraud prevention tools such as Trusteer Rapport and recommended best practices.
Additional online best practices
Mobile device best practices
Protect your business assets by strategically structuring your company banking accounts to minimize the risk of fraud and theft. Preventative measures and ongoing monitoring of account activity allow you to identify fraudulent activity before it’s too late. Our experienced team can help minimize your risk of fraud by working with you to establish sound practices including account segregation and daily account monitoring.
Segregate accounts to reduce fraud
A treasury best practice to minimize fraud is segregating payment and transaction activities across multiple accounts. By designating separate bank accounts for payments to vendors and receipts from customers, for example, you avoid disruption to your revenue stream in the event your payments account is compromised. Segregation also helps limit accounts to discrete company functions, allowing you to limit the number of employees with access to any one account, and making suspicious transactions easier to identify.
Some best practices for account segregation include:
Reconcile accounts to maximize oversight
Account review and formal reconciliation can help streamline operations and reduce your exposure to errors and check fraud. Best practice recommends that you monitor and review accounts daily through either a manual process or an automated solution. At a minimum, monthly reconciliations are recommended to limit irregularities and ensure accounts are kept current.
The following are additional account best practices:
Internal processes and controls form the backbone of a secure organization, and establishing them early can ensure your company accelerates and grows with as little friction as possible. Building and communicating companywide policies and best practices can lower your risk of internal fraud, stolen funds or intellectual property, and loss of data from compromised systems.
Segregation of duties
When you involve several people in the lifespan of a single transaction, from initiation to settlement and reporting, you minimize your risk of fraud or human error. Basically, you ensure that no single person is in a position to both commit and conceal fraud or errors. Even a small company should assign different individuals to perform the front- and back-office processes for a given transaction.
Some best practices for segregation of duties include:
Accounts payable controls
To minimize fraud, we recommend setting up strong employee controls and vendor master file access policies in accounts payable. Ensuring your employees follow established practices minimizes the risk that your company loses funds in imposter or accounts payable fraud events.
The following are additional accounts payable best practices:
Paper checks are a convenient payment method, one that still accounts for a major portion of financial transactions worldwide. But increasingly, they expose your business to fraud and theft. Checks are easy to duplicate because of lax security measures around their processing. Migrating to electronic payment services and tools can significantly reduce your risks and save your company the time and money involved in tracking fraud and recovering funds.
An e-payment program that works for you
Migrating to e-payments opens a wider range of strategic payment options that can help your company improve profitability and accelerate growth. Alternatives to check-based payments include:
Wire payment best practices
Paper payment best practices
Sometimes paper checks are necessary. Consider these fraud prevention best practices to lower your risk of theft:
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