Fraud Prevention Tools for Your Business

By Popular

Your business is a priority, that’s why we’re sharing some measures that can be implemented to protect it against fraud. In addition, we present the tools we have created for businesses to strengthen their security. Get to know such tools!

1. Set up internal controls

  • Check your accounts daily. Pay attention to account balances and transactions in progress.
  • Use Web Cash ManagerSM1 to activate duty segregation controls and internal approval levels.
  • If an employee leaves the company or changes roles, update access to Web Cash ManagerSM1. Ask the employee to hand over the security device or token.

2. Protect your sensitive banking information

  • Checks, account statements, and other printed documents exposing sensitive information such as account numbers and Social Security numbers. If you have printed documents, be sure to store the information or use secure processes when disposing of them.
  • Access balances online through the e-Commercial Statement2, Mi Banco Business3, and Web Cash ManagerSM.
  • Reduce check payments and make electronic payments using Business Payments4 of Mi Banco Business module or Web Cash ManagerSM ACH Module5.

3. Activate fraud control services

  • Activate ACH Positive Pay Managed Service (EPA), Positive Pay, and Reverse Positive Pay6 to inform the bank of your ACH electronic payments or authorized checks. You will be able to identify suspicious transactions before funds are debited from your account.
  • Go to the Commercial Images Portal7 to access images of your paid and deposited checks and deposit sheets to identify unauthorized transactions.

4. Act immediately

  • If you notice a suspicious transaction, contact us immediately. Claims for unauthorized ACH debits must be filed quickly, within 24 hours of the charge being posted.
  • Verify Wire Transfers before sending them as they are final. Confirm the instructions with a message or a call to your contact person.
  • Do you believe your information was compromised? Take urgent control measures. Change all usernames and passwords on processing systems.

For more information on how to avoid fraud, visit https://www.popular.vi/business/fraud-prevention/ or contact your relationship officer today.

Service provided by Banco Popular de Puerto Rico. Member FDIC, except BVI.

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 Web Cash ManagerSM is made up of different modules that can be purchased based on your business’ needs. Each module features different charges, and they may vary according to the modules selected. For additional information on costs, please contact your relationship officer. These services are not available in countries that are subject to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) restrictions, trade embargoes, or economic sanctions programs. The Web Cash ManagerSM service entails charges.

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 The e-Commercial Statement service is free when the account statement is electronic.

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 Mi Banco Business (MBB) has a monthly fee of $10.00. The fee will be charged to the account used for the initial registration with MBB. Mi Banco Business is available for Ideal Business® and B-Smart®. Additional registrations using the same account will not incur a fee. Requires an active ATH® card to register. Mi Banco Business consists of various modules that can be acquired based on the needs of your business. Each module entails different fees. 

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 The Business Payments service has a limit of one account per enrollment in Mi Banco Business. It entails a monthly charge of $5.00 and a $0.40 charge per transaction in the account registered in the service. The account must have funds available before originating payments. Returned transactions will incur a fee of $2.00 each. For security purposes, the 2-Step Verification service must be activated. This service is not available in the British Virgin Islands.

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 The Web Cash ManagerSM ACH Module service entails charges. This service is not available in countries that are subject to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) restrictions, trade embargoes, or economic sanctions programs.

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 The ACH Positive Pay Managed Service (EPA), Positive Pay, and Reverse Positive Pay services entail charges.

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 The Commercial Images Portal service entails charges. Paid checks are subject to availability of account funds. Deposits are subject to the provisions of the Bank’s Funds Availability Policy.

This article is for informational purposes only and does not constitute an endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Banco Popular de Puerto Rico (“Popular”) nor any of its affiliates, subsidiaries, or related companies shall be liable for any special, direct, or indirect damages resulting from the use of the information contained in this article. If you require any service related to this article, you must request advice from a competent professional of your choice. Popular expressly rejects any and all liability for said advice.  

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