First Dakota National Bank’s Post

Attention, business owners! In today’s digital age, electronic fraud is a growing concern—from diverted ACH deposits to unauthorized ACH withdrawals. But there are simple steps you can take to protect yourself. 🔒 Here’s how to mitigate your check fraud risk in three easy steps: 1. Add an ACH Filter—Specify the amount that authorized companies can withdraw from your account. 2. Review and Process Exceptions—Stay on top of withdrawals with real-time alerts (email or text) anytime an exception is identified, allowing you to take immediate action. 3. ACH Block—Have you not authorized any electronic ACH withdrawals? Add an ACH block to ensure ALL ACH entries are returned on your behalf, keeping your funds safe and sound. Your dedication has made your business successful; now, let us help protect your investment. Interested in taking your fraud prevention to the next level? Reach out to your First Dakota banker to learn more about our comprehensive fraud prevention services. Together, we can keep your business secure. #ProtectYourInvestment #FraudPrevention #ACHFilter #ACHBlock #BusinessSafety

How Can You Protect Your Personal Information? Consumer Corner Explains. Blair Cohen of AuthenticID knows. “‘Just put a credit freeze, on all three credit bureaus. If you do that no one can take out an account in your name. You are still going to be vulnerable to things like credit card fraud, but in terms of someone taking out a loan in your name and misusing your good name, it won’t be possible,’ Cohen said. A credit freeze limits your access to your credit report. It prevents creditors from accessing your credit file without your specific consent. To freeze your credit you must contact each major credit bureau individually. A freeze secures your credit file until you lift the freeze. Creating secure passwords and freezing your credit are two quick and easy ways to help protect yourself from fraud.” https://lnkd.in/efaVYs7J

Placing a credit freeze (also known as a security freeze) is an easy way to protect against fraudulent new account openings. It’s one of the standard pieces of advice we give every client we work with. While setting a credit freeze is usually a task our clients get to once higher-priority critical issues are addressed, it’s a fairly simple and free thing to do. Making this recommendation is just one of the many financial fraud prevention and financial emergency planning tips we share with our financial planning clients. #identitytheft #consumerprotection #fraudprevention For more details: https://lnkd.in/g6rqBZ_H

Picture this: You mail a check to one of your accounts, only to discover later that it’s been stolen, altered, and deposited into an unknown account. Mail theft is far more common than you might realize. In fact, cases of mail theft have surged by an alarming 400% since 2019. Here’s a real-life example: Recently, someone mailed a check for their estimated taxes to the IRS. Unfortunately, thieves intercepted it along the way. They skillfully altered the check, making it payable to two individuals and depositing it into separate accounts under their names. While the bank eventually resolved the matter, the experience highlights a chilling truth: fraudsters are becoming more sophisticated, and the mail is still a prime target. To help protect yourself from this growing threat, consider the following precautions: 🔒 Go paperless: Opt for electronic payments whenever possible. Institutions like the IRS offer secure online payment options, which eliminate the risk of your check being stolen and tampered with. 🔒 Shred everything: Don't simply toss sensitive documents like bank statements or credit card offers. Shred anything that could be used against you in a financial fraud scheme. 🔒 Stay vigilant: Make a habit of reviewing your bank and credit card statements. Any unusual activity should be reported immediately to your financial institution. Fraud isn’t just an online threat. It’s happening everywhere, including right in your mailbox. Take action now to safeguard your finances both online and offline. #FraudProtection #MailTheft #FinancialSafety

Want to protect your finances? Start with the basics: monitor your bank accounts closely and keep up with changes on your credit report. These are the best ways to spot red flags early. But we’re just getting started. According to a terrific Yahoo! Finance article, there are 5 early warning signs that fraudsters may be targeting you with account takeover. “Fraudsters have enhanced their attack techniques and leverage every possible resource to obtain data they can use to convince a victim they are legitimate,” said Jeff Taylor, head of commercial fraud forensics. “Be cautious, protect your private information, and be on the lookout for these and other potential red flags.” https://lnkd.in/ecUKf_Hj

Picture this: You mail a check to one of your accounts, only to discover later that it’s been stolen, altered, and deposited into an unknown account. Mail theft is far more common than you might realize. In fact, cases of mail theft have surged by an alarming 400% since 2019. Here’s a real-life example: Recently, someone mailed a check for their estimated taxes to the IRS. Unfortunately, thieves intercepted it along the way. They skillfully altered the check, making it payable to two individuals and depositing it into separate accounts under their names. While the bank eventually resolved the matter, the experience highlights a chilling truth: fraudsters are becoming more sophisticated, and the mail is still a prime target. To help protect yourself from this growing threat, consider the following precautions: 🔒 Go paperless: Opt for electronic payments whenever possible. Institutions like the IRS offer secure online payment options, which eliminate the risk of your check being stolen and tampered with. 🔒 Shred everything: Don't simply toss sensitive documents like bank statements or credit card offers. Shred anything that could be used against you in a financial fraud scheme. 🔒 Stay vigilant: Make a habit of reviewing your bank and credit card statements. Any unusual activity should be reported immediately to your financial institution. Fraud isn’t just an online threat. It’s happening everywhere, including right in your mailbox. Take action now to safeguard your finances both online and offline. #FraudProtection #MailTheft #FinancialSafety

Fraud against HELOC accounts is nothing new, however, it has ramped up as of late!   Unfortunately in this day and age a financial institution has to stay vigilant against fraud on all fronts via phone, paper, mail, in-person scams and the ever-present electronic threats!  (Hello #CyberLiability)  Follow your bank’s internal procedures for every transaction and make sure you have adequate insurance coverage to support your bank when all else fails.   This article offers additional tips to thwart HELOC #checkfraud  Contact me if you need to: - Fine tune internal procedures - Verify your bank has coverage for such events https://lnkd.in/gaDMiwy6

Protecting #multifamily from fraud is more critical in 2024 than ever. So, where do you begin? 1️⃣ Use Entrata’s PreciseID. While running a credit check is a no-brainer, that's just one piece of the puzzle. There are many ways to trick or evade the credit reporting process for identity thieves. 2️⃣ Make sure you have income verification workflows in place. Once the initial screening is complete and passed, the next step in fraud prevention is to first ensure that the banking information provided is correct and second, that there are funds available to process the payment. 3️⃣ Find a solution that can determine if the account is real. It will save you time and energy in the long run.

"Fraud isn't just an event, it's a lifecycle too!" - Miley Cyrus, probably (oh look, my millennial is showing 🤣) Seriously, though. When I talk to folks about fraud, there's a lot of "Well *this Very Specific Moment of Very Scary Fraud Event* hasn't happened. So we're good...right?" Cue the hopeful eyes. Alas...no. Fraud happens in stages. Any fraud event, regardless of WHAT is being hijacked, has the same lifecycle. Access. Transaction. Monetization. Or, ATM (ha ha aren't we cute over here in Fraudsville) Access - I stole your information. Transaction - I did something with that information. Monetization - I profited off whatever I stole. The specifics of what happens to cause and transition those stages looks real different between different types of fraud. AND I GET IT FRAUD IS SCARY OK... But the key thing to remember is that the stages of fraud don't change. When building a fraud program, it's vital to interrogate HOW you are controlling access, WHEN you can intervene to stop a transaction, and WHAT can be done to recover lost funds / data / equipment etc in case of successful monetization.

🚀 Exciting News! Dive into the realm of fraud prevention in lending with our upcoming webinar on "How to Spot and Block Fraudulent Borrowers" 🛡️ 📅 Date: February 15, 2024 ⏰ Time: 12:00 PM 📍 Location: Virtual - Access link coming soon 🌟 Whether you're a seasoned lender or just entering the field, this webinar is tailored to provide invaluable insights and expertise in fortifying your defenses against fraudulent borrowers. 💼💡 Got burning questions or specific topics you'd like us to cover during the session? We want to hear from you! 💬💬 Drop your questions in the comments below or send us a message. Don't miss this chance to boost your fraud prevention skills and learn from the best in the field. 🌐📈 Register now to secure your spot: https://lsq.li/learn-fraud #LendsqrWebinar #FraudPrevention #SecureLending #FinanceEducation 🌐💰