October is Cybersecurity Awareness Month, an international initiative that highlights actions everyone can take to stay safe online. Cybersecurity Awareness Month serves as a reminder that there are straightforward and effective ways to safeguard personal information and contribute to securing our world. In particular, Penn Community Bank is chiming with this initiative, sharing ways to keep business owners secure.

From banking to social media, as business owners take their business digital, it’s important to be reminded of the ever-evolving threats from scammers aiming to exploit your business’s vulnerabilities and compromise financial assets. From “traditional” phishing scams to highly-intelligent ransomware attacks, methods used to attack business’s money are becoming increasingly sophisticated.

At Penn Community Bank, cyber fraud is always top-of-mind because the impact it can have on customers and their businesses can be devastating. To help mitigate that risk, Fraud & Security Officer Rick Cimakasky and Cash Management Team Leader Michelle Brennan regularly train team members on best practices in avoiding business fraud, sharing real-life fraud examples and how they could be prevented, so that they can educate business customers of what to look for and what’s at stake.

Among the most common types of fraud seen by our Fraud & Security and Cash Management team are email compromise attempts on businesses. As a business owner, it’s crucial to know the best practices to detect and deter this popular style of scam, including:

• Check to see if the request is consistent with how earlier wire payments have been requested (timing, frequency, recipient, country, etc.).
• Establish a company domain for email instead of using open-source email services (e.g. Gmail).
• Use an alternate mechanism to verify the identity of the individual requesting the funds.
• Limit the number of employees who can submit/approve wire transfers or implement dual approvals for financial transactions.
• Coach employees about fraud and the warning signs, while encouraging them to be suspicious, diligent, and to ask questions.
• If you feel that you have fallen victim to banking fraud, please call your financial center or relationship manager directly to alert them of the situation.

Monetary loss. Reputation impact. Data theft. It’s important to understand what’s at risk for your business by engaging with what may seem like a simple email. Staying up-to-date on fraud tactics and scam prevention methods will help keep your business and its digital assets safe and secure.

For more information on cyber security best practices, Penn Community Bank.