Protecting yourself from cyber predators can be a daunting task. Rest assured - we are here to help.
Ensures your employees receive periodic training on preventing internal and external fraud. This empowers them to help you detect problems, and it also sends the message that you are aware of financial misconduct and are actively working to defend your business. Your employees should also be informed about your policies and procedures related to fraud, the internal controls in place to prevent fraud, your organization’s code of conduct and ethics policies, and how violations of these policies will be disciplined. Every employee should sign a form to verify receipt of this material.
- Avoid sending sensitive data through unsecured email.
- Reconcile your transactions daily (or more often) to catch suspicious transactions early.
- Practice proper PC security. Use updated anti-virus, anti-spyware programs, and be sure to leave your firewall on.
Perform Regular (and Irregular) Audits
Every company should have regular assessments. Random, unannounced financial audits and fraud assessments can help identify new vulnerabilities, and measure the effectiveness of existing controls. This also lets your employees know that fraud prevention is a top priority for your organization.
Implement Internal Controls
Internal controls are measures that ensure the effectiveness and efficiencies of operations.
- Separation of duties – No employee should be responsible for both recording and processing a transaction.
- Access controls – Access to physical and financial assets and information, as well as account systems, should be restricted to authorized employees.
- Authorization controls – Develop and implement policies to determine how financial transactions are initiated, authorized, recorded, and reviewed.
Online security featuresA bank should provide its customers with excellent, personalized customer service, as well as security measures to keep your funds safe. For these tools to be most effective, it is important to take a layered approach. Using multiple steps can help build a quality security barrier and greatly reduce your exposure.
Time and Dollar Amount RestrictionThese restrictions can be set to limit the times and dollar amounts for certain users on your account.
Multi-Factor AuthenticationThis includes the use of security questions for logging in, and secure tokens, which are small electronic devices. Secure tokens provide an extra level of assurance to the user by requiring two-factor authentication. The owner of the device uses a PIN number which authorizes them as the owner; the device then displays a number which uniquely identifies the user to the device. The ID number for each user is changed frequently for added security.
Transaction ReconciliationWe recommend that you review your transactions daily.
Email and Login AlertsThese alerts can be utilized to notify you when ACH or wire transfers are processed on your account, you can receive Bill Pay alerts for bills paid, failed and canceled, and if you make a change to the payee of the bill.
Dual ControlThis is a feature that requires two individuals to send ACH or wire transactions. This feature is currently required for all wire customers and can be enabled for ACH customers as well.
IP Address RestrictionThis creates a “white list” of IP addresses for your online ID and it must be set up by the Great Southern Bank Online Banking staff.
Text BankingThis utilizes SMS messaging to provide you with account balances and history, make transfers, and can also send you alerts for account transactions. These alerts can be utilized as a way of catching fraud as it happens on your account.
Positive PayPositive Pay ensures that items are presented for payment against a customer’s account are verified against an issued file prior to being paid, thus reducing the possibility of fraud.
Alpha-Numeric PasswordsPasswords that contain both letters and numbers are generally harder to crack and can offer added security for multi-user accounts. However, malware can expose even the strongest password.
Great Southern offers SMS Messaging via Clickatell Alerts as another layer of security for verifying the customers identity when working with a GSB associate.
Clickatell Alerts Disclaimer: Number of messages varies per subscriber. To opt-out at any time, send STOP to 64805.To receive more information, send HELP to 64085. Message and data rates may apply. Account holder authorizes charges to appear on wireless bill or be deducted from prepaid balance. List of supported carriers: AT&T, Metro PCS, Sprint Nextel, T-Mobile USA, U.S. Cellular®, Verizon Wireless®, and more.
Safe Computing Tips
- Never share personal information.
- Know the person or organization with whom you’re communicating.
- Use a firewall, anti-virus and anti-spyware software.
- Update your Web browser and its security settings regularly.
- Keep passwords in a secure place and change them periodically.
- Use dedicated machines for online transactions.
Types of Fraud
MalwareMalware, short for “malicious software,” includes viruses and spyware designed to infiltrate or damage a computer system. Malware can steal personal information to commit fraud. Awareness can minimize the threat of malware:
- Downloads from file sharing and social networking sites can be distribution points for malware.
- Attachments and free software from unknown sources shouldn’t be opened or installed.
- Pop-up advertisements asking for personal or financial information are likely fraudulent.
- Updated security and system software can protect your computer from malware threats.