Business owners face many challenges in today’s economy. One of the biggest challenges all businesses face today is cyber fraud. Larger companies are prime targets for cyber-crime, but small businesses are not exempt.
At ProBilling and Funding Service, it is our desire to periodically inform you of activities that all businesses are seeing within today’s marketplace so that you can better understand fraud and the steps you can take to minimize that risk to your business.
Please be aware of these types of fraud:
Check Fraud
Checks continue to be the most vulnerable payment method for fraud. Paper checks are especially easy targets by altering the amount and payee as well as making counterfeit checks that replicate your business checks. Monitor your account daily and look at each check image.
Timely reporting is essential when you identify a fraudulent check is paid on your account. If fraudulent activity is suspected, you should notify your financial institution immediately.
Wire or ACH Fraud
Criminals can gain access to a legitimate email account through social engineering or computer intrusion. Protect you and your company from business email compromise by NEVER following through with payment instructions received via email. ALWAYS VERIFY any payment instructions by calling your vendor using a phone number from your contact list or records. Never reply to the email or use a phone number in the same email received with payment instructions.
If you or your company falls victim to Wire or ACH Fraud, contacting your bank within 24 hours could provide a better chance of recovery.
Ransomware
Ransomware is a type of malicious software—or malware—that prevents you from accessing your computer files, systems, or networks, and demands you pay a ransom for their return. Protect your company from malware by using a reputable antivirus program that includes ransomware detection capabilities, coupled with regular backups, user education, and strong network security practices like firewalls and endpoint protection.
Applying is fast, easy, and requires minimal paperwork. Start by filling out an application in just a few minutes. We’ll need a few additional documents from you to process your information. The approval process is fast, and we’ll work with you to develop a funding option customized for your business.
When you join ProBilling, we’ll assign a team member to be your dedicated account rep and come to your business to provide your AR department with in-depth, on-site training. You’ll have access to next-day funding anytime you have new invoices to submit.
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