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Spring Cleaning – Taking a Fresh Look at Your Business Fraud Solutions

May 28, 2024
ui/icon-clock@2x 2 MIN READ

James Edwards, SVP Cash Management Solutions

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There’s never been a better time to have us review your business banking fraud prevention program because, frankly, there’s never been more ways to get scammed.

Business Email Compromise (BEC) scams continue to be the main cause of payments fraud for most organizations. Based on the 2023 AFP Payment Fraud and Control Report, 71% of companies surveyed were victims of payments fraud via email in 2022, and this trend continued in 2023. These attempts are wide-reaching and hit every level of customer, from small businesses to large corporate customers.

“It takes just one employee clicking on a fraudulent email in their work account to put your whole business at risk, but now the risks are greater than before,” warns James Edwards, Senior Vice President of Cash Management. “Fraudsters have moved their efforts away from traditional payment schemes and have directed their efforts into Business Email Compromise.”

Business Email Compromise is the process of fictitious emails being sent to your company pretending to be a vendor or employee who is generally already set up to receive payments electronically from you. These emails are well written and there are no apparent signs that it is not your trusted contact. They request a change in payment instructions, bank routing and account number and are often for payments that you are planning to make. There also may be a sense of urgency around them to push you to act quickly. These attempts can only be detected by calling an established payment contact and confirming the requested change.

You don’t need to be an MSB customer to talk about fraud detection and prevention with a cash management specialist. For a free, 15-minute review of your current fraud protection level, risk assessment, and our recommended safety precautions, email CashManagementSolutions@machiassavings.com or call 866-773-9394 today.

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Let us help you find your "Yes". Meet our Cash Management Team.

“Our dedicated cash management specialists want all Maine businesses to take a moment and review their fraud prevention approach. We want to assist in helping you and your employees to understand what signs to look for. Awareness and training are the key to prevention, and we want to help!”

You have insured your business, your employees, your vehicles, and your life. Why wouldn’t you insure your money? That’s exactly what fraud protection is. Insurance.

Increased risk of fraud is part of that new normal. Fortunately, so is increased understanding and protection from Machias Savings Bank.

Contact us today. You just might sleep better tonight.

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