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The Latest Scam Targeting Businesses | Part 2

Jim Smith,

July 03, 2018

Managing Your Money


We’ve been discussing a very common type of fraud affecting our businesses, Business Email Scams or Spoofing. You can catch up on Part 1 here. There are three key components that you and your employees should understand: what the company can do, how UBT protects you, and what to do if you suspect fraud. In our last post, we discussed how you can protect your company. This article contains helpful info on what UBT can do to help you as well.

How UBT is watching out for you and your business.

The bank has several procedures and features in place to help protect you from fraud.

Authorized users

It seems obvious, but only those authorized can send money on your behalf. We have customizable access so that only employees who need access to initiate a wire or ACH can do so. UBT requires individual credentials for each user and a password rotation schedule.


A security token or “fob” is a physical device you possess to help gain online access to your accounts. Tokens will generate a random, one-time code to be entered for online account access. They can also include a verification code to match the bank’s website. This second code assures you the link is not being redirected to a malicious site.

Dual Controls

Dual control is a feature that not only prevents fraud, but it can help prevent innocent mistakes as well. The basic rule is that someone must review and approve any movement of money.


Transfer templates include payment details to ensure the funds reach the intended recipient. Union Bank does not allow open templates where your funds can be sent anywhere. Templates not only save you from re-entering payment details each time but also ensures the funds are sent as intended. If your user access is compromised, they can only direct funds to one of your trusted vendors or partners.

Postive Pay

Positive Pay provides additional fraud control by comparing your issued checks and electronic ACH payments against those presented for daily payment and reports any discrepancies to you. Each day, you’ll be aware of any discrepancies that can lead to fraud losses or disruption of payments to your valuable vendors or customers.

Ongoing Education

On an annual basis, we provide a fraud seminar to our customers to help you stay up-to-date on best practices. In addition, we have helpful resources on our website that you can share with your employees.

How can I learn more?

Join us for our annual half-day fraud Seminar in 3rd Quarter. Respond to our Facebook event to be notified when registration opens.

Read Part 3
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This blog article is for informational purposes only, and is not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.