Business Fraud Tips

Financial fraud and theft are an increasing threat to many small businesses. Starion Financial is committed to helping you protect yourself and your business against losses. Combined with the bank’s internal security measures and processes, using these tips, as well as relevant consumer tips, can help keep your money and business safer.

  • Protect all accounting documents by locking away check stock, signature equipment, invoices and critical account information
  • Monitor your employees. Screen new hires carefully and train them accordingly. Separate accounting responsibilities, making payables and receivables processing different work positions
  • Monitor the movement of employees, vendors and contractors in and out of your offices
  • Update signature cards and systems access whenever personnel or procedures change
  • Review and revise accounting processes periodically to ensure that they meet your company’s needs. Exercise due care in drafting and preparing checks and other withdrawal instruments
  • Maintain separate accounts for payables and receivables to eliminate the payment of fraudulent invoices
  • Sweep or transfer extra funds into a savings account when not needed
  • Explore the availability of fraud-reduction tools
  • Conduct audits of various check-control duties. Reconcile and monitor account activity frequently
  • Examine bank statements punctually. Failing to do so may result in the company bearing liability for loss. To speed up the process, consider utilizing online statements and viewing check images and deposit images online
  • Review your business insurance policy to determine if it provides appropriate coverage
  • Report losses promptly
  • Keep an updated list of which employees have company credit, debit or ATM cards, along with their account numbers, expiration dates and limits. Make sure employees sign company cards immediately upon receipt
  • Keep card fraud department phone numbers handy
  • Cancel and destroy unused cards
  • Keep track of card receipts. Ask that they be submitted for any expense reimbursements. Review credit card and bank account statements for unexplained charges
  • Order a copy of your firm's credit report at least annually and look for unauthorized applications, unfamiliar credit accounts, credit inquiries, defaults and any delinquencies of which you were unaware

If you have any questions or concerns about the possibility of fraud, please contact us.

Helpful websites