Protecting Your Business from Fraud

June 14, 2022
Woman monitoring her finances on her tablet. Sandy Spring Bank.

Protecting Your Business
Cybersecurity has been a concern for businesses since the dawn of the internet. But as each year passes, new and increasingly complex threats reveal themselves, and businesses must pivot to adjust to the ever-evolving landscape. Protecting your business and financial accounts is our top priority. 

Encourage Employee Best Practices

  • Train employees on cybersecurity principles and best practices. 
  • Limit employee access to data and information, and limit authority to install software. 
  • Protect email accounts.
    • Encourage employees to report suspicious emails and not to click on links or open attachments, unless they are confident in the source.
    • Consider implementing regularly scheduled mandatory cybersecurity seminars or online training to educate employees on phishing and ransomware attacks.

Establish a Cyber Security Program

  • Install, use and regularly update antivirus and antispyware software on every computer used in your business. 
  • Download and install software updates for your operating systems and applications as they become available.
  • Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden.
  • Control physical access to your computers and network components.
  • Set up multi-factor authentication or two-step authentication on your email, phone, any external virtual private networks (VPN) and on all of your online accounts.
  • Create a remote work policy for cybersecurity. This policy should include specific restrictions on using personal equipment devices for business purposes and emphasize the importance of using company-issued equipment with a secure VPN. 

Proactive Fraud Prevention

  • To prevent fraudulent wire transfers, call to verify any changes to payment requests. Learn more about other ways to prevent wire fraud here.
  • Set up alerts on financial accounts and monitor usage and changes to your accounts.
  • Regularly change passwords to your accounts. If an employee leaves the company, ensure that you revoke access to all accounts accessed and change passwords. 
  • Make backup copies of important business data and information. 
  • Regularly check accounts and report suspicious activities to Sandy Spring Bank.

If you suspect that you’ve been a victim of fraud, immediately contact the Commercial Business Center at Sandy Spring Bank at 866.867.1570. You should also contact the FBI at www.fbi.gov/contact-us/field, email: [email protected], or call: 855.292.3937.

Learn more about ways to protect you and your information. »