Running a business requires a wide variety of skills and in today’s world that includes protecting your business from fraud. Fraud relies on deception for personal or financial gain. This can happen to you personally or your business. There is not just one tactic a fraudster uses, so it can be difficult to spot and avoid; however, there are ways to keep your business safe.

Your employees are your first line of defense when it comes to fraud. It’s important to provide education and resources on the latest fraud and scam tactics. Your customers could fall victim to fraud attacks such as phishing attacks, mail fraud, and wire transfer fraud. Have a plan in place for your employees on how to spot these attacks and report suspicious activity. The Consumer Financial Protection Bureau has great free resources including articles and free webinars to help educate yourself and your employees on the latest schemes. Find them online at consumerfinance.gov.

Additionally, monitor your financial activity closely and regularly to spot anything suspicious. It might feel time consuming, but checking bank statements can help catch suspicious activity early. Pro tip: Set up account alerts in your online banking to stay on top of any activity on your accounts. Getting an instant alert that money has come out of your account from a place you don’t recognize could be a sign you have fraud. If this happens, call your bank immediately to report the transaction and they will advise on next steps to take.

Another great tool to protect your business from fraud is Positive Pay. This service matches the check number, dollar amount, and account number of every check against a list of checks your business has issued. Any check that doesn’t match the list you provide is flagged for you to review before payment. This is just one of many banking tools you can arm your business with to protect against fraud.

It is important to find a financial institution that values protecting your accounts from fraud. Your bank should have programs in place that help you mitigate fraud and help educate you on ways to protect yourself and your business. Check out our website or our Facebook page to keep up with our latest fraud prevention and education tips.

Brad Roling is the Columbia Market President for Mid America Bank. Brad has more than 10 years of banking experience that he uses to help businesses in and around Columbia thrive. When he is not helping your business with its financial needs, Brad is serving the community in a variety of capacities. He is proud to serve on the Ronald McDonald House Mid-Missouri Board of Directors as Treasurer, the Columbia Chamber Foundation Board, and Beta Theta Pi Advisory Board. Brad is a proud Mizzou grad and loves cheering on the Tigers!