Many business owners assume cybercriminals only target large corporations. In reality, small and mid-sized businesses are often seen as easier targets because they may have fewer safeguards in place.
A single fraudulent email, compromised password, or unauthorized payment can disrupt operations, damage customer trust, and lead to costly losses.
The good news? A few proactive steps can make a significant difference.
Start by enabling multi-factor authentication (MFA) on email accounts, financial applications, and other critical systems. MFA adds an extra layer of protection if passwords are compromised.
It’s also important to monitor account activity closely. Early detection can help stop fraud before it becomes a larger problem. Magnifi’s eAlerts can notify businesses of activity such as large withdrawals, low balances, pending ACH transactions, and automatic withdrawals, helping identify unusual activity sooner.
Payment fraud remains a significant threat to businesses. Magnifi’s Fraud Management with Positive Pay service adds an extra layer of protection by helping you identify potentially unauthorized ACH transactions and checks posted to your account. This allows you to review and return suspicious items within the applicable return window, giving you greater control and helping reduce fraud-related losses.
Technology alone isn’t enough. Employees should be trained to recognize phishing emails, verify unusual payment requests, and report suspicious activity quickly.
Fraud prevention is not a one-time task. It requires ongoing awareness, the right tools, and a plan for responding when something doesn’t look right.
The businesses that are best protected aren’t necessarily the largest. They’re the ones that are prepared.
Fraud Prevention Checklist
Simple steps to help your business stay secure
☐ Enable multi-factor authentication (MFA)
☐ Set up account eAlerts for unusual activity
☐ Use Positive Pay to review ACH and check transactions
☐ Keep software and systems updated
☐ Train employees to spot phishing attempts
☐ Back up critical business data regularly
☐ Create a fraud response plan before you need it
