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Protecting Your Business From Online and Offline Fraud

Online and Offline Fraud

Fraud is a serious threat to all businesses and has increasingly become a reality for many. The damage to your business can potentially take years to repair. That's why The Union Bank continues to make improvements in security to protect you and your business. As we implement more stringent procedures to help prevent account fraud, we need your help:

  • You may be asked to provide additional identification.
  • We may follow up with verification when we receive an address change.
  • We may impose holds on deposited checks.
  • Our policy has been revised. We will not verify customer's funds for a third party over the phone; we will only validate account numbers.

The best line of defense begins with you. The following tips are presented to help you protect your business.

The Union Bank Business Online Banking

Studies show that banking and paying bills online may help decrease the risk of fraud and identity theft. By banking online with The Union Bank, business owners can:

  • Reduce the number of paper checks and use more secure electronic payments.
  • Monitor accounts in real-time for faster detection of suspect transactions.
  • Sign up for online statements and eliminate the need to have statements mailed, ensuring rapid delivery and reducing potential unauthorized access to your confidential information.
  • Set up view-only access for book-keepers, accountants etc.

Safeguard your business against fraud

  • Never give out your account information unless you initiate the contact.
  • All legitimate inquiries from The Union Bank will ask you to authenticate your identity for your protection.
  • Notify The Union Bank immediately if you receive a suspicious request.
  • Be especially wary of calls, emails or pop-up windows on your computer requesting account information to "award a prize", "verify a statement" or for any other reason.

The Union Bank does not request account information from customers via email or pop-up windows. If you have entered account information in response to a suspicious email, pop-up, or suspicious Web site claiming to be affiliated with The Union Bank, call the Online Fraud Prevention Hotline at 1-877-216-8489 immediately.

Separate bank account responsibilities

  • The individual responsible for reconciling statements on your account(s) should be different from the individual who issues checks.
  • Require that statements be opened by an owner. If fraud exists, the wrongdoer often tries to hide his/her fraudulent activities by intercepting any mail that might reveal his/her activities.
  • Notify The Union Bank immediately when an employee who was authorized to transact business on your account(s) leaves your company, so that his/her name can be removed from all signature cards and Online Banking access.

Review & reconcile statements as you receive them

  • If you notice any unauthorized activity on your account notify The Union Bank immediately.
  • Sign-up for The Union Bank Business Online Banking which will allow you to monitor your account activity at any time. You can also print your account activity from the online screen.
  • Contact The Union Bank immediately if you do not receive your statement when you would normally expect to.

Use The Union Bank authorized check printers to ensure the highest level of print security features

Examples of check security features include:

  • Safety stain to indicate chemical tampering.
  • Micro-print signature line reads "AUTHORIZED SIGNATURE," but appears as a broken line if reproduced.
  • Padlock icon directs readers to the back for checklist that outlines the security features of the check.
  • Security screen on the back of each original document displays an "ORIGINAL DOCUMENT" screen that prevents reproduction copying and helps prevent erasure of information.
  • Color signal paper to indicate solvent alteration as small colored marks appear in the paper.

Keep checks and other confidential banking information secure

  • Store your check supply under lock and key. Secure your working supply when not in use. Stolen checks are a common method of embezzlement.
  • Destroy any checks that you do not intend to use.
  • Do not sign blank checks.
  • Consider using more secure electronic payment options such as Business Bill Pay and real-time online transfers.
  • Notify The Union Bank if any unused checks are missing or you find a discrepancy in your records.
  • Contact The Union Bank immediately if you discover your checks have been lost or stolen.

Monitor your account for unusual or suspicious activity

  • Review your transaction activity for unexpected fluctuations. For example, compare the percentage of cash deposits to total deposit size. Most businesses will maintain a constant average. A large fluctuation might indicate embezzlement.
  • Watch for checks cashed out of sequence and checks made out to cash. These are the classic red flags for embezzlement.
  • Have an owner periodically perform accounting duties such as reconciling your account or making a deposit. This will often deter embezzlers.

Safeguard your The Union Bank Business ATM Card

  • Sign the back of your card as soon as you receive it.
  • Memorize your card's PIN. Never write the PIN on your Card or keep it in your wallet and never share it with anyone else, including Bank personnel.
  • When you type in your PIN at an ATM or other device, shield it from view of others.
  • Never allow anyone else to use, borrow or obtain your Card or PIN. If the Card and/or PIN are given to anyone, the account owner will be responsible for all transactions made by that person or anyone else to whom that person gives the Card or PIN.
  • Notify a banker immediately if the Card is ever lost, stolen or no longer secure.

For more information about this program, please refer to The Union Bank Business Account Agreement.

Online Safety

  • Change your The Union Bank online banking password periodically and never disclose it to anyone.
  • Do not leave your computer unattended while you are accessing your accounts.
  • Do log out when you have finished rather than let your online banking session time-out.
    Note: The Union Bank's security system automatically logs off your computer after 10 minutes of inactivity.
  • Equip your computer with virus protection and firewalls and monitor for updates.
  • Be cautious when using public computers; there may be software on the computer that records keystroke information and could compromise your online security.
  • Consider utilizing electronic payment options available such as Business Bill Pay and real-time online transfers.
  • Never respond to an unsolicited email that asks for your account number and PIN, not matter how authentic it looks.