Information Security for Commercial Banking Clients
Commercial Capture – What are the risks for my business?
Much of the risk related to Commercial Capture revolves around what happens to checks that have already been electronically presented for payment. These checks can unintentionally get into the hands of your employees, cleaning crews – in fact, almost anyone who has access to an area where the checks are stored. These checks can then be re-deposited at other financial institutions, and could result in duplicate payments.
Protecting Your Business – What precautions can you take?
Here are some basic steps you can take to enhance your business’ information security:
- Store checks presented for payment securely
o Store presented checks in a locked cabinet with limited employee access
o Shred presented checks within 60 days
- Put controls in place
o Use an endorsement stamp on the back of every check
o Use only scanning equipment provided by or approved by River City Bank
o Limit access to the Commercial Capture scanner
- Consider obtaining insurance against unauthorized transactions (employees)
- Inform your bank at the first signs of suspicious activity
How does River City Bank protect your business’ information?
At River City, we closely monitor all deposit activity for duplicate items, endorsement stamps and other suspicious activities. By conducting site visits and a risk assessment of the product, we’ll also help establish deposit limits and determine if there are any additional risks, as well as making recommendations for additional controls that may be necessary. We continually research current fraud and information theft methods, constantly updating our already multi-layered fraud prevention program with additional controls to provide your company with the most up-to-date security measures. Finally, our staff undergoes a high level of security training, making them a valuable resource for you.
How does Reg E protect your business accounts?
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, and preauthorized transfers from or to a consumer’s account (e.g. direct deposit).
Concerned that your COMMERCIAL CAPTURE system has been compromised or that your business has been targeted by online fraud?
Tell us at once if you notice suspicious account activity or experience an information security event. Contact us at: 706.236.2123 / 706.236.3556 / 706.236.3552 or by email at firstname.lastname@example.org