Business Fraud Prevention and Risk Management

Take our 10-question Risk Assessment to see if your business is at risk for fraud and other security risks. Just a few minutes now could save you time and headaches down the road.

Follow these tips at your office to help protect your business account from fraud and security threats.

Create a Dedicated Banking Workstation 
Designate a specific office workstation as a “banking workstation” and limit its use to only banking business. This workstation should not be used for web browsing, which can put your computer at risk for security threats.

Keep This Workstation Up to Date with Anti-virus/Anti-spyware Software
Advances in technology occur at lightning speed. So do the number of ways criminals can wreak havoc on your business accounts and computers. Make sure your anti-virus and anti-spyware software are up to date by enabling an auto-update function.

Monitor and Balance Your Account(s) Daily
You are the first line of defense against fraudulent activity on your business accounts. Make it a daily practice to review your accounts. Pay special attention to suspicious and/or unexplained transactions. Contact us immediately with any discrepancies.

Assign Dual Control
Assign one user with the authority to create a transaction. Choose a different user to submit and approve the transaction.

Change Passwords Regularly
Institute the practice of changing passwords every 30 to 90 days. These passwords should be a minimum length of 6 characters with a combination of both letters and numbers.

Never Share Passwords
Notify employees that passwords should never be shared under any circumstances. Alert employees that anything that happens under an employee’s login is automatically his or her responsibility.

Manage User IDs through Employee Turnover
When an employee leaves and another is hired, be sure to terminate the departing employee’s access and assign a new user ID for the new employee. Always contact 1st Mariner Bank’s Cash Management Department at CashManagement@1stmarinerbank.com or phone 410-735-2003—which has the ability to block, delete and add users at your discretion—when an employee with 1st Online access leaves your employ.

Here are a few additional security tips we recommend.

• Always lock workstations when leaving them unattended. This prohibits unauthorized users from gaining access to sensitive information.
• Never email proprietary information without encrypting software.
• Remember to always properly log out of information-sensitive Internet sites you and your employees visit. Never simply “X” out of a web site, as this could leave your computer and business account(s) susceptible to security threats.
• Do not download unauthorized shareware programs or files without authorization.
• Remind employees that 1st Mariner Bank will NEVER contact you requesting account or log-in information. If you or an employee receives a call or email requesting such information, contact us immediately.

The short answer is - IT DOESN'T! Regulation E or the Electronic Funds Transfer Act is specifically geared towards consumers, not businesses. This regulation provides the framework of the rights, liabilities and responsibilities for users of the Electronic Funds Transfer system. It covers:

• ATM transfers
• Telephone bill payment systems
• Point of Sale (POS) terminal transfers in stores
• Preauthorized transfers from or to a consumer's account (e.g. direct deposit)