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How To Prevent Fraud And Stop Criminals

Proven strategies to protect your business and personal finances.

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Stay Ahead Of Fraud With Our Help

Fraud schemes grow more advanced by the day, targeting both people and businesses with tactics that range from convincing bank impersonation scams to sophisticated payment fraud.

At First Business Bank, we believe proactive fraud education is essential. This regularly updated page is designed to be your resource for the latest scams, prevention strategies, and tools you can use right now to help protect your business and personal finances.

Please call your local bank office if you suspect fraud or attempted fraud.

What Are The Trending Scams?

Current fraud threats targeting people and businesses.

Spoofing Scams Impersonating Trusted Institutions

Criminals are placing phone calls that appear to come from legitimate banks and financial institutions all over the country. These targeted, sophisticated attacks are designed to trick you into sharing sensitive information or granting access to your accounts. Often impersonating a bank’s fraud department, criminals will ask for user ID, passwords, and more. Learning how these scams work is your first line of defense.

Requests for online banking IDs, tax ID or Social Security numbers, passwords, or Personal Identification Numbers (PINs) through unsolicited phone calls, emails, or texts should be regarded as highly suspicious.

Criminals often create a false sense of urgency to pressure you into sharing business or personal confidential information. Take your time to verify any unexpected requests by contacting First Business Bank using a phone number you already have on file. Do not use the contact information they provide in their request.

Unless verifying a transaction you initiated with First Business Bank, never share one-time passwords or PINs with anyone, even if they claim to be a bank employee. These codes are for your use only; never give them to anyone else.

What Are The Most Common Fraud Schemes?

Here are six fraud types on the rise right now. Check this section regularly — we update it with trending scams and fresh insights.

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Business Email Compromise

Hackers infiltrate email to redirect payments and steal sensitive data, often targeting payroll and vendor transactions.

Person on laptop receiving a warning message on their laptop screen.

Smishing and Phishing

Fake texts and emails that steal login credentials or install malware on your devices through malicious links.

A close-up image of a laptop keyboard with an overlay of digital binary code in red and blue hues

Account Takeover Fraud

Criminals use social engineering and stolen credentials to access accounts, then transfer funds or make purchases.

Payment Fraud

Fraudulent transactions using stolen payment data, including check fraud, card skimming, and digital wallet theft.

Business Check Fraud

Altered, forged, or counterfeit checks that can drain accounts and create reconciliation nightmares.

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Wire Transfer Fraud

Intercepted wire instructions that redirect your payments to accounts controlled by criminals.

How To Protect Yourself & Your Business From Fraud

Time-tested education and best practices for organizations and individuals.

Build Strong Fraud Prevention Behaviors

Strong security controls are your first line of defense against fraud. These procedures form the foundation of effective fraud prevention, safeguarding both your business and personal financial interests. We recommend implementing these measures to reduce your risk and defend against financial loss.

Vigilance & Skepticism

Stay alert and question unusual requests. Train those around you to report concerns. Awareness remains your most effective fraud detection tool.

Fraud Awareness Education

Regular education about current fraud schemes can prevent costly mistakes. Focus on recognizing phishing and impersonation scams, social engineering tactics, and proper verification procedures.

Secure Backup Strategy

Back up data regularly and verify backup integrity. Store backups securely offline, disconnected from the systems and networks they protect, to ensure recovery even during a cyberattack.

Shield Your Device From Harmful Apps

Use caution downloading apps. Apps can contain malicious software, worms, and viruses. Avoid apps that request unnecessary permissions to access your personal data or device functions.

Protect Your Privacy Online

Limit personal information shared on social media. Oversharing makes it easier for criminals to learn your habits, manipulate you into revealing confidential details, and steal your identity.

Step-up Authentication

Use multi-factor authentication when logging in and for high-value transactions like ACH transfers to add important security layers.

Account and Alert Monitoring

Daily account reviews and comprehensive alert systems help catch unauthorized activity quickly, minimizing potential losses. Real-time notifications for sensitive activities can stop fraud before it succeeds. Set up alerts for login changes, failed attempts, transactions, deposits, and balance changes through Online Private Banking or Business Online Banking.

Electronic Statements & Bill Pay

When possible, eliminate paper statements and checks that can be stolen in the mail. Promptly retrieve incoming mail and deliver outgoing mail directly to your mail carrier to limit the opportunity for theft.

Work With Trusted Businesses

Complete thorough due diligence on new businesses and only do business with those you know and trust. If you receive new vendor payment instructions, verify any changes through a phone number you already have on file before processing payments to new accounts.

Device Security & Protection

Keep all your devices — computers, tablets, and phones — protected with updated security software. Enable automatic updates, use reputable antivirus programs, and monitor for suspicious activity. Consider working with IT professionals to secure devices that access your financial accounts. Respond immediately to suspicious activity.

Security Hygiene

Use complex passwords, change them frequently, and store them in a secure password manager. Use remote wipe capability for lost mobile devices to ensure sensitive information is not stolen and wipe mobile devices before donating, selling, or trading them.

Watch For Shoulder Surfers

Be aware of people watching you enter passwords, PINs, or personal information. Stay alert to your surroundings when accessing sensitive data in public spaces.

Consider Insurance

Consider purchasing cyber liability insurance to help protect against financial losses from data breaches, cyberattacks, and identity theft incidents.

Stop & Report

Immediately stop all online activity if you suspect fraud, isolate the affected systems, and report incidents to First Business Bank and ic3.gov for law enforcement and federal investigation. Always alert others at your organization if you receive a suspicious request as criminals may attempt to contact them.

Establish Risk Management Procedures And Security Practices

These organizational controls strengthen your fraud prevention framework beyond individual safety practices. We recommend establishing these business-specific measures to protect your company's financial assets and operations.

Limits
A variety of configurable limits are available for ACH, wires and bill pay through Business Online Banking. Daily limits can be set to a maximum cumulative amount, by account, user, or service.

Dual & Multi-User Internal Controls
Separate payment initiation from approval duties to prevent single-person fraud and create natural checkpoints in your process. Use segregation of duties for reconciling statements. The person initiating the payment must not be the person that performs reconciliation.

Roles, Approvals, and Entitlements
Business Online Banking offers the flexibility to customize individual access and approvals by assigning unique roles and supports entitlements for access to specific services or accounts, and submitting or approving transactions such as ACH, wires and bill payments.

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Implement First Business Bank Fraud Prevention Solutions

As fraud threats grow more sophisticated, you need banking tools that help you act quickly and decisively. Our built-in fraud protection features that give you more control and better visibility into your accounts.

Explore our full suite of tools to protect your business, including alerts, access controls, and secure payment solutions.

Learn More About Fraud Prevention Solutions