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With smart policies and consistent employee training you can stay ahead of possible holiday cybersecurity risks before they develop.

Payments fraud appears to be the “new normal” with thousands of incidents occurring every single day. Sophistication of attacks is increasing, and indicators show there’s no sign of fraud activity slowing down anytime soon – especially during the holiday season.

With smart policies and consistent employee training you can stay ahead of possible holiday risks before they develop. As a friendly reminder, ensure you follow the Best Practices below to keep your business and employees safe

Best Practices

  • Monitor your accounts frequently and set up alerts online to identify suspicious activity.
  • Ensure your systems are up to date with the latest hardware and software updates (i.e., routers, browsers, applications, etc.).
  • Clear browser cache which can help protect personal information and help applications run optimally.
  • Verify your employee access rights and credentials on a regular basis.
  • Review your policies and procedures regarding vendor payments with employees. This is especially important for any seasonal or part-time help that is supplementing full-time staff.
  • Remind employees to be vigilant about password safety – use longer passphrases, never reuse passwords across different systems or websites, and periodically change their passwords.
  • Utilize dual controls on payments and ensure separation of duties.
  • Be suspicious of unsolicited emails – don’t click on links, open attachments or provide personal/business information such as login credentials. Educate and train your employees.

Review the replay of our recent webinar: Fraud Activities Post COVID-19 & How to Protect your Organization. This event was hosted by experts from KeyBank and Binary Defense who shared relevant insights and the latest trends related to fraud and cybersecurity. It was also approved for up to 1.2 CTP credits by the Association of Financial Professionals.

Contact your Payments Advisor with questions about payments fraud or to learn more about our fraud solutions.

Have a safe and happy holiday season!