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Credit card fraud is frustrating, but bank fraud is devastating. When someone gains access to your checking account information, money can disappear in a matter of seconds and unlike card disputes, ACH fraud does not always guarantee a reimbursement. One wrong move or one missed red flag, and a business can be out thousands with no way to recover it.
Yesterday, we discussed how fraudulent charges hitting a company credit card can be tough on small businesses…so can bank fraud!
Small businesses and veteran-owned companies are especially targeted because fraudsters know the typical setup: lean teams, quick decisions, and not enough financial controls in place and here’s the tough truth... Fraud is not always an outsider. It can come from a former vendor, a third-party system you trusted, or even someone inside your company who discovered a weak spot.
Here’s how to protect your business before you wake up to an empty bank account:
Use dual approvals for all outgoing payments
No single person should have the power to move money without oversight. Two sets of eyes catch mistakes and stop suspicious activity before cash leaves the account. Separation of duties is a foundational control for a reason.Monitor bank activity daily
Bank logs update constantly. Fraud moves fast. A daily check lets you catch unauthorized withdrawals early while the bank can still reverse them. Once too much time passes, the cash becomes much harder to recover.Limit ACH access only to trusted users and systems
Not every vendor or system deserves direct access to your bank. If someone does not actively need ACH permissions, remove them. Fewer access points means fewer fraud entry paths.
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Verify vendor banking changes with a phone call
If a vendor emails new banking info, always confirm using a phone number already on file. Email is the easiest place for fraudsters to manipulate instructions and reroute your payment directly into their account. I require this policy for ALL I work with.Lock down company banking on secure devices only
Public Wi-Fi, shared devices, and unsecured networks are an open door for cybercriminals. Banking access should live on secured systems with strong authentication, encryption, and restricted access.
You work too hard to let someone else drain the cash you fought to earn. Treasury controls are not overkill but more like insurance. They protect the mission and the team behind the business.
If you want help reviewing your current banking setup and tightening controls before 2026 hits, reply to this message. I can help make sure your cash is protected every day of the year.
Sponsoring the Cash Flow Chronicles today is ROKU!
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