Farmington Hills, MI (PRWEB) September 09, 2013
Payment fraud continues to be a growing threat. This type of fraud occurs when unauthorized transactions are made through identity theft, forgery, counterfeiting or other criminal activity.
Small businesses are targeted because they frequently do not take enough precautions. They typically lack separation of duties, do not reconcile accounts monthly, do not perform background checks on new hires, fail to install antivirus software, or have no safeguards in place at all.
Help protect against payment fraud by taking advantage of the following banking solutions:
Security for Online Banking
Secure logins – Create a unique login ID and strong password. Ensure that secure ID tokens and passwords are changed periodically.
Firewalls – Should be installed on all computers to help protect against criminals who want to delete and steal confidential information.
Up-to-date browsers – Set up automatic updates on your computer to keep your internet browsers up-to-date. Confirm your banking session is encrypted for protection against fraud and theft.
Use of Custom Check Stock
Custom check stock provides increased security through features such as holograms, heat-reactive ink circles and fiber security weaves. These features can discourage counterfeiting and make it difficult to copy or duplicate checks.
Automated Clearing House (ACH) Services
ACH services are an electronic means of conducting financial transactions. Controls over how and when you make payments can be increased by utilizing these services. Most banks offer enhanced protection for ACH transactions, such as ACH blocks. Blocks can be used to filter out unauthorized business transactions. A business selects the criteria to block certain ACH debits (i.e. setting dollar limits for single transactions and limits to aggregate daily transactions) and the bank won’t process transactions which do not comply with the criteria.
Positive Pay Services
With Positive Pay, transactions are reviewed against a list of approved payments that you provide to the bank. If the payment is not on that list, it simply doesn’t get paid.
For more information or questions on this topic, please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the web at http://www.uhy-us.com.
To schedule an interview or for further questions, please contact Shannon Gnesda at sgnesda(at)uhy-us(dot)com or 586 843 2637.
About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to public and private companies. UHY Advisors provides tax and consulting services to a variety of sectors. UHY Advisors FLVS provides forensic, valuation, intellectual property, electronic discovery and international arbitration services to law firms and their clients. Many of these services grew from client business needs and their requests for assistance in a variety of areas of expertise.
UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the U.S. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service.”
All of the above entities are members of UHY International, a global network of independent professional services firms that provide audit, tax and consulting services around the world. UHY International member firms comprise one of the top international accounting networks in the world. As a member firm, we provide our clients with resources in business centers strategically located around the globe. We are an active member in this organization with significant participation that brings the power of an international network to bear for our clients.
UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.