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Prevent Payment Fraud

Parkside Financial Bank & Trust Fraud Prevention Tips
August 2019
 
Preventing Wire Fraud
• Call the requesting party to verify payment instructions. Use a phone number on file versus one provided in a request. Maintain current vendor information for those authorized to change payment instructions.
• Educate and train employees to recognize, question and authenticate changes in payment instructions.  Requests for secrecy and pressure to take immediate action are often signs of fraud.
• Do not confirm wiring instructions via email.
• Limit the number of employees authorized to initiate wire transfers and establish maximum transfer limits.
• Initiate payments using dual controls.
 
Preventing Check Fraud
• Conduct a daily reconciliation. Fraudulent checks can be returned through the normal banking system
within 24 hours.
• Implement Positive Pay Service on your accounts. If you do not utilize Parkside’s Positive Pay Service,
please contact our team to learn more.
• Improve your check safety features by using watermarks and special paper stock.
• Keep checks secure and segregate internal duties.
 
Preventing ACH Fraud
• Conduct a daily reconciliation. Fraudulent ACH transactions can be returned through the normal
banking system within 24 hours.
• Implement ACH Blocks and Filters on accounts. Contact the Parkside team to learn more about how Blocks and Filters can help protect your accounts.
• Limit the number of employees authorized to initiate ACH transactions and establish maximum
transfer limits.
• Initiate payments using dual controls.