Your Commercial Credit Card and Digital Security

July 17, 2023

According to the recently released 2023 AFP® Payments Fraud and Control Survey, a staggering 65% of organizations fell victim to payment fraud attacks or attempts in 2022. Fraud attempts via commercial card increased by 10 percentage points from the prior year, with fraud via ACH credits and virtual cards both increasing by 6 percentage points.

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, account freezes and merchant category codes that can be customized to your business. 

If possible, select a credit card with an EMV chip – 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) and 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 limit the number of company credit cards in circulation. Vigilance at checkout, protecting point-of-sale systems from potential breaches is also crucial. Promoting the use of eWallets, which offer additional layers of security, can help prevent corporate credit card fraud. Finally, investing in cyber insurance can provide added protection against financial losses resulting from fraudulent charges or accounts.

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 prevention, such as Positive Pay, Payee Positive Pay, Reverse Positive Pay, ACH Debit Block and ACH Debit Filter services that can 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 commercial credit cards and other fraud prevention tools for your business, or to find out more about what our banks offers, contact your Torrey Pines Bank relationship manager.

About Us

Torrey Pines Bank

Torrey Pines Bank, the Southern California division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2003, Torrey Pines Bank offers a full spectrum of tailored commercial banking solutions delivered with outstanding service. With offices throughout San Diego, Los Angeles and Orange County, Torrey Pines Bank is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. As a regional bank with significant national capabilities, Torrey Pines Bank delivers the reach, resources and local market expertise that make a difference for customers.

All offers of credit are subject to credit approval. Some products and services may be subject to prior approval or fees. Please contact a Treasury Management Advisor and Relationship Manager for additional details that may apply based on products and services selected.