5 Tips: Strengthening Against Bank Fraud

August 2016

Deirdre Simon

Director of Finance and Foundations

International business becomes easier and more efficient with every technological advance. Unfortunately, a few people use these advances with ill-intent, finding new ways to harm and commit fraud. In the world of international education, fraudulent behavior can sometimes be the last thing on the mind of those in your business office.

Read further to see the 5 tips to strengthen against bank fraud.

1. Stay aware and on top of your accounts

If you ensure someone is managing the accounts and checking your balances daily, you will be alerted at the first sign of something wrong. Banks today generally offer some sort of monitoring, either free or paid. However, maintaining your own level of “surveillance” over your financials can prove to be a difference maker when it comes to fraudulent behavior.

To help with account monitoring, it’s recommended to set up text and/or email alerts. Specifically, for transactions over a certain amount, receiving instant notifications can be timely when it comes to fraudulent behavior. It’s always better to be aware of problematic happenings earlier than later. 

2. Utilize ACH blockers and other financial tools

The banking industry has developed some fantastic fraud prevention tools — use them! To minimize and catch fraudulent activity, we recommend implementing processes and account reconciliation services such as Positive Pay and ACH Blockers and filters.

3. Have a two-tier approval system

Having a two-tier approval system for bank wires and check signatures is an added level of security your school cannot afford to not have.

4. Arm your computer and network

Install anti-malware software on your pc and keep it up to date. Employ strong passwords or PIN numbers, and change your passwords regularly. With a plethora of private information on the internet, you’ll want all of your internal and external business and financial dealings secure. 

5. Be cautious about divulging personal information

Fraudsters will use fake emails, fake websites designed to look authentic, texts, and even phone calls to try to obtain your personal and financial data. Unless you are the one who has initiated contact, never provide another party with your personal information, social security number, usernames or passwords, date of birth or account numbers. It’s also a best practice to not divulge any personal information over the phone unless you’re 100% sure and confident of who you’re speaking with.

Following these tips will help you spend less time pushing back against fraudulent behavior, and more time thriving and growing your organization! Contact ISS for more of our management expertise and best practices for managing your school’s finances.