Business professional reviewing information as part of fraud prevention and awareness.

Business Fraud Prevention & Awareness

Your business is your lifeline, and protecting it starts with effective business fraud prevention. Whether you have one employee or 1,000, you still need to keep your financial transactions secure and sensitive company information confidential. We’ve pulled together some tips to help you maintain security and keep financial fraud at bay.

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Understanding today's fraud landscape.

Every business faces fraud risks. These insights highlight why proactive fraud prevention matters.

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$21B

Reported losses from internet crime in 2025.

1M+

Internet crime complaints received by the FBI in 2025.

191,561

Phishing and spoofing complaints reported in 2025.

Source: Federal Bureau of Investigation, Internet Crime Complaint Center (IC3) 2025 Internet Crime Report.

Business fraud prevention starts with awareness.

Businesses face a wide range of fraud risks, from payment scams and cyber threats to account compromise and unauthorized access to sensitive information. Understanding each type of fraud can help your organization identify suspicious activity, improve fraud detection, and reduce the risk of financial loss.

Check fraud
prevention.

Fraudsters may alter, counterfeit, duplicate, or steal checks to access business funds. Prevent check fraud with strong internal controls and fraud detection tools.

Payment and
transfer fraud.

Scammers use fraudulent invoices, deceptive payment requests, and wire transfer scams to redirect funds. Be cautious of urgent requests to demand payment or change payment instructions.

Business email compromise (BEC).

Cybercriminals impersonate trusted contacts to obtain money or sensitive information. A phishing email is often the first step in a business email compromise attack.

Internal fraud
and access risks.

Weak internal controls and unauthorized employee activity can lead to losses, data breaches, and misuse of company resources. Both internal and external threats can create opportunities for fraudulent activities.

Cybersecurity
threats.

Malware, ransomware, phishing attacks, and account takeover can compromise systems and expose sensitive information. Cybercriminals often focus on gaining access to customer data and credit card numbers.

Think your business may be experiencing fraud or suspicious activity?

If you believe your business account, debit card, or sensitive information has been compromised, contact Priority Service immediately.

800.788.4578

You can also suspend your debit card or report it as lost or stolen within WTB Online.

How businesses can reduce fraud and strengthen security.

Effective business fraud prevention requires a combination of technology, employee awareness, internal controls, and physical safeguards. These sections below outline practical steps businesses can take to reduce risk and strengthen security. These security measures can help protect your business, support daily business operations, and strengthen your overall fraud prevention program.

Network Security Wireless Network Management Employee Access Controls Physical Security Controls Fraud Prevention Tools

Person using multifactor authentication to help protect business networks and accounts.

Network security.

Reduce the chances of a data breach with preventive measures. Cyber attackers don’t discriminate. Small businesses can have their systems compromised as easily as companies whose data breaches make headlines. While it is impossible to be 100% secure, it is possible to make it harder for hackers to succeed. These controls are particularly important for protecting your small business from cyber threats and data breaches.

Use business-grade firewalls.
Deploy and maintain firewalls to help protect your network from unauthorized access and cyber threats.
Secure your Wi-Fi network.
Require strong passwords and limit access to authorized users and devices.
Keep antivirus software up to date.
Regularly update antivirus and endpoint protection tools to defend against malware and ransomware.
Apply security updates promptly.
Install operating system and software patches as soon as they become available.
Backup critical business data.
Maintain secure backups and store copies offsite or in the cloud to support recovery efforts.
Test your security controls regularly.
Review systems and procedures periodically to identify vulnerabilities before they become problems.

Employee using mobile technology, representing secure wireless networking for businesses.

Wireless network management.

Wireless networks can unintentionally expose your business to cyber risks. If you don’t need Wi‑Fi for business operations, consider disabling it entirely. If you do rely on wireless access, make sure it’s protected with strong security controls.

Use a strong admin password.
Replace the factory‑default password on the router or access point with a complex, unique one.
Store the password securely.
Keep the admin password in a safe location for future configuration changes.
Disable remote administration.
Turn off remote access to the router’s management interface.
Enable WPA encryption.
Use WPA (preferably WPA2 or WPA3) to secure wireless communication.

Steps to take if your business suspects fraud.

Washington Trust Bank is a recognized leader in fraud prevention and security. We’re committed to protecting your financial well‑being with advanced tools, proactive monitoring, and expert guidance. Our team is here to help you stay secure, stay informed, and stay confident in every transaction.

Stop

It's OK to pause, question, or disengage whenever you feel pressured or suspicious.

Pause

Think about the situation — did anything feel off or raise red flags.

Verify

Call Washington Trust Bank at a known number to verify the request.

Business professional leading employee training and education on fraud prevention and security.

Employee access controls.

Use unique User IDs for every employee.

Implement clear, enforceable security policies.
Include guidelines for online access, remote work, mobile devices, and wireless connectivity.

Provide ongoing cybersecurity training.
Educate your employees on security policies, their responsibilities, and how to handle sensitive information.

Keep staff informed about current cyber threats.
Regularly share updates on new scams, phishing tactics, and social engineering trends.

Remove access immediately when employees leave.

Limit local admin rights.
Restrict elevated permissions to reduce the risk of malware or unauthorized software.

Require dual approval for sensitive changes.
Apply second-level authorization for user administration updates and high‑risk actions.

Separate duties for transactions.
Ensure the person initiating a transaction is not the same person approving it.

Set transaction limits by user.
Define per‑transaction, daily, weekly, and monthly limits based on job role and risk level.

Monitor activity regularly.
Regularly review transaction logs, access reports, and audit trails.

Person using an access card at a security reader, representing physical security and controlled access.

Physical security controls.

Maintain secure physical access to data. Considerable attention is devoted to cyber-criminal activity, and for good reason. Physical security is an important part of any business fraud prevention strategy and helps protect sensitive information from theft, unauthorized access, and fraudulent activities.

Visitor management.
Badges, escorts, sign‑in procedures.
Surveillance systems.
Cameras, monitoring, and retention.
Workstation security.
Locking screens, cable locks in public‑facing areas.
Document security.
Locked cabinets, shredding, clean‑desk policy.
Disposal of hardware.
Secure destruction of drives, devices.

Business fraud prevention tools and services.

Fraud prevention products and services designed to protect your business. Washington Trust provides commercial and business banking clients with tools that improve fraud detection, strengthen internal controls, and help reduce the risk of check fraud, ACH fraud, and other fraudulent activities.

Positive Pay

Helps prevent check fraud by comparing presented checks against your issued check file in real time.

ACH Positive Pay

Monitors incoming ACH debits so you can review, approve, or block transactions before they're processed, helping detect suspicious activity before funds leave your account. It’s a self-service, flexible alternative to an ACH Debit Filter.

Security tokens and authentication

A virtual token or one-time passcode adds an extra authentication layer when signing in to Business Digital Banking, generating a dynamic code used alongside your Company ID, User ID, and password.

Custom alerts and monitoring

Receive alerts by email, text, phone, or at login for account activity, balances, security events, and more.

Business fraud prevention FAQs

How can businesses reduce the risk of fraud?

Business fraud prevention starts with strong internal controls, employee awareness, and layered security measures. Using fraud prevention tools, monitoring account activity, and regularly reviewing access permissions can help reduce the risk of fraud before financial losses occur.

What are the warning signs of business fraud?

Warning signs may include unexpected payment requests, changes to vendor banking information, unusual account activity, phishing emails, login alerts, or employees requesting urgent wire transfers. Always pause and verify unexpected requests before taking action.

What is business email compromise (BEC)?

Business email compromise (BEC) is a type of fraud where criminals impersonate trusted executives, vendors, or business partners to trick employees into sending money or sharing sensitive information. Always verify unexpected payment or account change requests through a trusted phone number.

How does Positive Pay help prevent check fraud?

Positive Pay compares checks presented for payment against your issued check file. If a check doesn't match, it's flagged for review before payment, helping businesses detect and prevent check fraud.

What should I do if I suspect fraud or suspicious activity?

Contact Washington Trust Bank immediately if you believe your business account has been compromised. You should also pause before responding to unexpected requests, verify payment instructions using a trusted phone number, and report cybercrime when appropriate.

How often should businesses regularly review their fraud prevention strategies?

Fraud prevention isn't a one-time task. Businesses should regularly review internal controls, user permissions, transaction activity, and employee security practices, especially after staffing changes, software updates, or emerging fraud threats.

What fraud prevention tools should my business consider?

Businesses can strengthen their fraud prevention program with tools such as Positive Pay, ACH Positive Pay, account alerts, multifactor authentication, and dual approval controls. The right combination depends on your business size, payment activity, and risk profile.

Why is it important to stop, pause, and verify?

Fraudsters often create a sense of urgency to pressure businesses into making quick decisions. Taking a moment to stop, pause, and independently verify payment requests or account changes can help prevent many common types of business fraud.