Fraud is a growing concern for businesses of all sizes. The good news is that protecting your business doesn’t have to be overwhelming or expensive. We asked  Senior VP & Treasury Management Manager, Stephanie Peavy,  to share practical, real-world advice on what business owners should know and where to start.

Q1: Why is fraud becoming such a big issue for businesses, and what can I realistically do to protect my company?

Expert Answer:

We are seeing more fraud because criminals are targeting the everyday ways businesses move money. Checks, ACH payments, and even email instructions are common entry points. Many business owners are surprised to learn that smaller businesses are often targeted because they have fewer controls in place.

The good news is that protection does not have to be complicated. A few well chosen tools, like Check Positive Pay, ACH controls, and dual approvals, can stop suspicious activity before money leaves your account.

Q2: What are the most common fraud risks you are seeing right now?

Expert Answer:

Check fraud is still one of the biggest concerns, especially altered or counterfeit checks. We are also seeing more email fraud, where criminals pretend to be vendors or employees and ask for changes to payment instructions. ACH fraud can happen when account details are compromised, and there are no safeguards in place.

Most fraud attempts are designed to look legitimate, which is why having the right controls and reviewing activity regularly is so important.

Q3: How do I know which fraud protection tools my business actually needs?

Expert Answer:

There is no one size fits all solution. Every business moves money differently, so the right protections depend on how you pay vendors, receive payments, and manage approvals.

This is where having a local Treasury Management expert really helps. We take time to understand your processes and recommend tools that fit your business, instead of offering something generic or unnecessary.

Q4: Is fraud protection really worth the time and effort for a small business?

Expert Answer:

Yes, it is. Fraud can be costly, but the disruption is often just as damaging. Time spent dealing with unauthorized transactions and fixing issues takes attention away from running your business.

Once the right protections are in place, most tools work quietly in the background. A little time upfront can help prevent bigger problems and give you confidence that your accounts are protected.

 

Ready to protect your business?

Connect with a local Treasury Management expert and schedule a complimentary fraud protection review based on how your business operates.

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