Trust your gut.
When it comes to recognizing and preventing business fraud, Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank, is a believer in the adage that your gut doesn’t lie.
“If something doesn’t look right or if it just doesn’t feel right? Trust your gut.”
Taylor and Randy Wilborn, Treasury Management Product manager, were recently featured on Regions Business Radio to discuss business fraud and how businesses and their employees can spot and stop fraud.
4 Types of Business Fraud
In the broadcast, the duo cover some of the most common types of business fraud:
- Business email compromise
- Check fraud
- Mail fraud
- ACH and payments fraud
While fraud is on the rise, Wilborn states that being proactive about detection while educating employees is key to prevention.
“Have that conversation with your bankers about any tools that are available to help prevent you from becoming a victim of fraud, and also talk to them about opportunities for educating your employees to make sure that they can spot these tactics that fraudsters may use.”
For example, Taylor explains internal control measures such as STOP – CALL – CONFIRM and dual control can help safeguard businesses against business email compromise, one of the most significant fraud vectors impacting businesses today.
They also cover what to do if your business does become a victim of fraud, including the most important steps of contacting your bank and reporting the fraud to ic3.gov, the Internet Crime and Complaint Center.
You can also check out other episodes of Regions Business Radio, part of Business RadioX programming, on your favorite streaming service to learn more from Regions’ financial professionals as they share their latest insights on what matters to business owners, leaders and consumers. Episodes are streaming on Business RadioX and streaming services such as Google, Apple, iHeartRadio, Podchaser, and Audible.
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The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your banker for further information on how you can help prevent fraud.