How Community Banking Can Help Guard Against Fraud

The way we do business has changed drastically over the past 3 years. With an emphasis on online sales, curbside and delivery services, and remote work environments, businesses have adapted to ensure the safety of their employees and customers. Unfortunately, this shift has created a golden opportunity for scam artists and criminals specializing in business fraud. Now, more than ever, it’s important to protect your business.

How community banks can help:

Community banks have an advantage over national banks because they know their customers. They are more apt to recognize a fraudulent request or a reach-out from an imposter. Fidelity Bank takes its clients’ safety very seriously, and regularly trains, mentors, and educates bankers to be vigilant on your behalf.

7 strategies that can help keep your business safe:

1. Monitor credit and accounts:
   • Business owners should monitor their credit reports carefully. Look for new accounts and any changes to existing accounts.
     
2. Maintain open communication with the Bank:
   • This is important when it comes to fraud prevention. Stay in contact with your Banker so they know what you’re applying for, and what you’re not applying for.
     
3. Be wary of unexpected communication.
   • Unexpected phone calls: If you get a call that sounds fishy, ask them for a phone number to call back. If something doesn’t feel right, start asking for specifics.
     
   • Unexpected emails with links: Don’t click on links in an email, even if the email looks legitimate to you. If you weren’t expecting an email, don’t click on the link.
     
4. Upgrade technology:
   • Business owners need to make sure their technology is up-to-date and in good working order when it comes to backups, patching for Windows, and security software.
     
5. Review disaster strategies:
   • Every business owner should have a disaster strategy. Now is the prime time to review the plan and assess whether or not it is still relevant.
     
6. A word about passwords & personal information:
   • Never duplicate passwords.
   • Never share passwords.
   • Never use the real answers to security questions. Make something up and make an electronic list on an encrypted phone (or notebook in a secure location).
   • Never share bank account information.
   • Never disclose Social Security numbers.
     
7. Separate business and personal technology:
   • Don’t store personal information on business computers and avoid using social media unless it is business related.
   • Don’t post anything on social media in real-time. Also, social media profiles should not include birth years. Why? Because it’s just another piece of information for a hacker to identify who you are.

Learn More

Fidelity Bank has built a strong history as a trusted financial advisor and continues its mission of exceeding client expectations through a unique banking experience. It operates 20 full-service offices throughout Lackawanna, Luzerne, Lehigh, and Northampton Counties, along with a limited production commercial office in Luzerne County and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and an array of personal and business banking products and services.