Protecting Your Business from Scammers
We all know there are scammers out there, but did you know they target businesses just like they do individual consumers? They do! There are many ways fraudsters attack businesses. As one example, all it takes is a fake – but very real looking – email, and your business could lose a large sum of money in one fell swoop. Hackers can potentially gain access to email accounts so that it looks like an email really did come from someone within the organization, even though it did not.
1st Source is diligent to monitor and question unusually large-sum wire transfers and ACH originations, that raise red flags in our systems as potentially fraudulent. However, there are some steps you can take to ensure a transfer request is legitimate, adding another layer of security and diligence to the process.
We encourage our business customers to always:
- Read the “From” email address very carefully
- While it may appear like a familiar name, there could be a small difference, like a missing letter, that is hard to detect at just a glance.
- Question the form of contact
- Is it odd for the person requesting the transfer to do this through email? Would they normally call or come see you in person? Use that knowledge to your advantage.
- Verify the request
- Call the person contacting you at the number you always use for them, not necessarily the one listed in the email requesting the funds transfer. Do NOT simply reply to the email or assume the email is legitimate.
- Take any follow up from the Bank seriously
- We may verify funds transfers that raise red flags in our system. This is your last chance to verify that the request is not fraudulent in nature. Once given the approval, we make the transfer, and it is difficult to recover any of the money after that point.
1st Source is always here to provide straight talk and sound advice to our business clients, and our processes are designed to keep your finances and information secure. You can always reach out to our Business Banking team with questions, comments or concerns. We are your partner; just like you are ours.