Protect Your Finances: Commercial Credit Card & Digital Security

According to the recently released 2024 AFP® Payments Fraud and Control Survey, a staggering 80% of organizations fell victim to payment fraud attacks or attempts in 2023. This is an increase of 15 percentage points from the previous year. Fraud attempts via checks and ACH continue to rise.

Whether or not you’ve experienced an attack, it’s important to stay diligent in the fight against fraudsters who are constantly looking to bypass enhanced security measures.  

The reality is that cybercrime can touch any aspect of your business, yet many business owners don’t consider fraud prevention services until after they’ve become a victim of fraud. A specialized business bank can help you mitigate that danger with targeted expertise you may not find at a general financial institution. There are also a few basic steps you can take to educate yourself and your team to protect your business from credit card fraud.

Keeping your commercial credit card account safer

Credit card fraud prevention begins when you look for a commercial credit card program for your business. Ask your banker about standard security features like real-time fraud alerts and managing spend with customized merchant category codes that can be customized to your business.

If possible, select a credit card with chip technology – these cards are encrypted and use technology that makes it harder for criminals to hack into the card's information. A virtual card can further mitigate your risk as they provide a special account number dedicated to online transactions.

It’s a good idea to train team members in proven methods to head off fraudulent activity. Best practices for all credit cardholders include using strong, unique passwords or passphrases (different for every account), changing them regularly and choosing two-factor authentication when it’s available.

Additionally, with many people using their smartphones to make credit card purchases, phone “hygiene” can add another layer of protection. Most current phone models contain strong privacy and security features, but they’re not always turned on. Smartphone users should create a unique PIN and passcode and allow automatic operating system updates to help improve security.

Businesses should check card statements frequently (daily or more often) and call to monitor card transaction activity on a regular basis. Vigilance at checkout, protecting point-of-sale systems from potential breaches is also crucial. Promoting the use of tap-to-pay or mobile wallet capabilities, which offer additional layers of security, can help prevent commercial credit card fraud. Finally, choosing credit cards with chip technology or virtual cards for added security can keep your credit card accounts safe.

Credit cards and beyond: How your banker can help

A secure commercial credit card program is just one of the many services your relationship banker can provide. There is a wide range of treasury management solutions that also support fraud mitigation, such as Positive Pay, Payee Positive Pay, Reverse Positive Pay and ACH Debit Block services that can also benefit your business.  We offer high-quality financial solutions along with a highly personalized banking experience to meet the needs of businesses like yours.

To learn more about fraud prevention tools for your business, or to find out more about what our bank offers, contact your First Independent Bank relationship manager.