Strengthening Against Bank Fraud

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.

To combat this, the ISS Non-Profit Accounting and Foundation Management offer seven tips to help strengthen your organization against such attacks:

cartoon-eyes1. Stay aware, and stay 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.

cartoon-wrench2. 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.


cartoon-shield3. Arm your computer and network. Install anti-malware software and keep it up to date, employ strong passwords or PIN numbers, and change your passwords regularly.


thumbnailOne.jpg4. 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.

5. Have a two-tier approval system for bank wires and check signatures.

6. Require verbal authorization for approval on all wires over a specified threshold.

cartoon-verbal-authorization7. Keep your credit card secure and maintain a lower credit line to limit risks. You can also set up text and email alerts for transactions processed over specified amounts.

We hope that following these tips will help you spend less time pushing back against fraudsters, 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.