News & Events

Fraud targeting businesses continues to increase in both volume and sophistication, making it critical that we stay informed and proactive in how we support and protect our customers. 

FCCU recently hosted a virtual Fraud Prevention for Businesses webinar lead by Chelsey Francis, Risk & Compliance Manager. The webinar, for our business members, focused on the most common fraud threats impacting businesses today, along with practical strategies to reduce risk and respond effectively.

Common Fraud Threats

During the session, we highlighted several types of fraud that businesses should be aware of:

• Online Account Takeover- Unauthorized access to accounts using stolen credentials
• Business Email Compromise (BEC)-  Fraudsters impersonating trusted contacts to request payments
• ACH Fraud- Unauthorized electronic transactions that can result in financial loss
• Check Fraud- Risks associated with altered or counterfeit checks

Understanding these threats is an important first step in protecting your business.

Strategies to Help Protect Your Business

We also discussed practical steps businesses can take to strengthen their defenses, including:

• Implementing strong internal controls and approval processes
• Monitoring accounts regularly for unusual activity
• Educating employees on common fraud tactics and warning signs
• Using tools like multi-factor authentication when available

Taking a proactive approach can significantly reduce the risk of fraud.

Recognizing the Warning Signs

Early detection is key. Some common red flags to watch for include:

• Unexpected changes to payment instructions
• Urgent or unusual requests for funds
• Login attempts from unfamiliar devices or locations

Being aware of these warning signs can help prevent fraud before it escalates.

If Fraud Occurs

If you suspect fraud, acting quickly is critical. Steps to consider include:

• Contacting your financial institution immediately
• Securing compromised accounts
• Documenting the incident
• Reporting the activity to appropriate authorities

A timely response can help minimize potential losses.

Continue Learning

Fraud prevention is an ongoing effort. Staying informed and taking proactive steps can help protect your business from evolving threats.

If you’d like to learn more, we invite you to watch the webinar recording and explore additional resources to support your fraud prevention efforts.