Ways To Help Prevent Fraud

Posted by Mark Brousseau

Deutsche Bank offers the following tips for proactively helping prevent fraud:

1. Know your customer
2. Create new account opening procedures
3. Never provide personal information in response to an unsolicited request
4. If you believe a contact may be illegitimate, get in touch with the financial institution yourself
5. Review account statements regularly to ensure all charges are correct
6. Know your employees
7. Employees need to be aware of and report any suspicious transactions or activity
8. Review hiring and mailroom procedures
9. Monitor activity (new accounts/establish thresholds)
10. Secure all check stock
11. Replace paper documents with electronic payments when possible
12. Move check disbursement activity to electronic payment
13. Conduct surprise audits
14. Understand the liability for fraud
15. Utilize positive pay (payee) services
16. Educate and train employees
17. Never share passwords or utilize them as generic passwords
18. Recertify users and access priveleges regularly
19. Do not write down passwords
20. Ensure segregation of duties
21. Assign priveleges based on job responsibilities, not convenience or availability
22. Do not deviate from procedures without a documented exception approval process
23. Carefully destroy papers with sensitive or identifying information
24. Ensure supervisory oversight by making managers accountable

For more information, you can access Deutsche Bank's Payments Fraud Prevention Webcast at www.highlinewebseminars.com/deutschebank or visit www.db.com/gtb.