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Tips for Protecting Your Business from Fraud and Scams

Article details provided by Melissa Walker, VP, Retail Operations & Security.

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Unfortunately, financial fraud is common. There are almost 300 types of fraud, and any business is susceptible. Industry statistics show that scammers target companies that maintain large account balances, send wire transfers, or use mailed checks to pay vendor invoices.

Common types of fraud include phishing, Malware, ransomware, mail scams, and check fraud.

Most scammers use similar tactics:

  • Creating a sense of urgency or sympathy
  • Impersonating a company official or vendor
  • Advising against involving your bank or CFO
  • Requiring payment through gift cards, wire transfers, Bitcoin ATMs, or cash apps

Mail theft is becoming increasingly common. Thieves have been known to steal from mailboxes, including business, personal, or postal boxes utilizing a unique tool. Therefore, we recommend that all businesses exercise caution when mailing checks and invoices.

Account Takeover

Ransomware and Malware are two common types of fraud affecting businesses. They may start by simply opening an email attachment or clicking on a provided link. Unfortunately, these actions can allow hackers to take control of your computer and infiltrate your business network.

Here are some tips to protect your business from fraud:

  • Don’t open emails you were not expecting.
  • If you receive an unexpected email from someone you know, contact them to verify its authenticity.
  • Don’t click on unknown links or attachments.
  • If you mail checks, use a black gel ink pen.
  • Check your account transactions daily.
  • Contact your bank immediately if you suspect fraud.


Croghan representatives will work with you to report fraud and assist in the investigation process. Download our business fraud prevention checklist and visit our fraud prevention page for more information.

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