5 Ways Businesses Can Reduce Fraud and Protect Bank Accounts from Scammers

Category: Fraud Awareness
By BankSource on 4/18/2025

 

 

We’ve put together 5 ways you can better protect yourself from payment fraud and stay a step ahead of the scammers.

1. Never Share Your Banking Information

Do NOT share your online banking credentials, token number, serial number or PIN with anyone. Your bank will not call and ask for any of this information.

2. Don’t Trust Caller ID or Unexpected Calls

Do NOT trust caller ID. If someone you do not know calls and asks questions about your account credentials or offers to assist with logging into online banking, hang up and contact your bank at a known phone number.

3. Think Before You Click

Do NOT trust links sent to you from sources other than your bank. Always type your bank’s address directly into your browser.

4. Turn On Multi-Factor Authentication 

Enable multi-factor authentication (MFA) when available to provide extra protection for your network, email, and other key accounts.

5. Set Dual Control Authorization

Set up Dual Control for all ACH and wire transfers initiated within online banking. Dual Control requires two separate users in the transaction approval process to initiate and approve outgoing payments. One user initiates the request while the second user is responsible for reviewing and approving the transaction.

  

 

At BOS, we are committed to keeping your information safe and secure. It’s equally important that you take the necessary precautions to protect your account. If you notice suspicious or fraudulent activity, please contact us immediately at 877-698-3278.

To further safeguard your business, BOS offers valuable products like Positive Pay and Cyber Insurance. These resources are designed to help protect your company from fraud-related losses. If you’d like more information or have questions, our Business Services team is ready to assist you. Visit a local BOS branch or call 877-698-3278.

Interested in learning more? Explore our fraud awareness resources and hear directly from our fraud experts to keep your business, your family, and yourself well informed and protected.

 

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