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Me & my mentor Fraud protection, PNC Bank
Fraud protection
Five ways to keep your company safe
by Aneury Hernandez and Shaun Vernon, PNC Bank
Q. "What are the most important things I need to do to protect my company from fraud?"
Georgia is the number one state in the United States for fraud, and at PNC Bank we believe in protecting our customer’s accounts. Below are some tools customers should use to minimize the threat of being a fraud victim.
1. Stay away from using debit cards
for the business. When a debit card gets compromised it allows a fraudster to have direct access to your operating account. your payroll account number from being exposed.
2. Minimize check usage. The United States is one of three countries still using checks. 70% percent of organizations experience check fraud. If you have employees who can’t open a checking account, try the pay card solution. The pay card will allow you to pay your employee on a Visa card, preventing
3. For businesses that write a high number of checks monthly, we highly recommend the Positive Pay
solution. You provide your bank with a transmission of your check issue data and they match it against the checks presented for payment. If someone attempts to cash a check that isn’t on the file you uploaded the check will be declined.
Aneury Hernandez
As a VP Senior Business Banking Relationship Manager in the greater Atlanta area, Aneury Hernandez serves as a liaison to resources that help deliver services to support your business and its specific needs. Aneury addresses the credit and cash flow needs by understanding you and your business. Aneury works with a team of specialists to help deliver solutions to simplify the financial challenges that many business owners may face. Prior to joining PNC Business Banking, Aneury worked with Capital One Bank as a Business Banking Relationship Manager with a strong focus in lending. Prior to that he worked with Citigroup in New York as a Business Banker. Aneury comes as a seasoned industry expert with over 20 years of banking experience.
Cell: 917.557.5680 Email: Aneury.hernandez@pnc.com
Shaun Vernon
Shaun Vernon serves as a VP Food, Beverage, and Agriculture Business Banker at PNC Bank. He is a dedicated consultant for mid-size and large companies, offering his clients an array of financial solutions and services to assist with operational efficiency, optimizing cash flow and overall growth. Prior to his current role, Shaun worked with JP Morgan Chase as Business Banking Relationship Manager. Shaun has been in the banking industry for a total of 15 years in multiple roles including Branch Banking Manager, Assistant Branch Manager, Small Business Specialist, and Senior Small Business Banker.
Shaun also travels the southeast region to speak with entrepreneurs regarding their goals and challenges within their respective industries.
Cell: 404.287.4945 Email: Shaun.vernon@pnc.com
4. A second Automated Clearing House (ACH) tool we highly recommend is ACH Debt Authorization.
This solution allows you to set up which vendors or individuals can debit your account via ACH. If a non-authorized individual or company attempts to ACH debit your account you will receive a notification, at which time you can authorize or decline the ACH attempt. If you chose to decline the ACH transaction, it will be returned to the sender.
5. Another fraud solution we provide is Universal Payment Identification
Code (UPIC). This feature will mask your business checking account. Called a ghost account, it serves as a pass-through account. You can offer your customers the option of sending ACH payments while protecting your sensitive bank account information from being displayed on customer-facing billing material or internal documents. For example, you can display the UPIC account number on a billboard without your main account being victimized. UPIC is a very powerful fraud-prevention tool.
If you are a victim
> Contact your banks and creditors by phone and in writing and report the crime. > Contact local authorities and file a police report. > Call the fraud units of one of the major credit bureaus: • Equifax: 1-800-525-6285 • Experian: 1-888-397-3742 • TransUnion: 1-800-680-7289 • Innovis: 1-800-540-2505
Request a “fraud alert” be placed on your credit file and order copies of your credit report to check whether any fraudulent accounts were opened without your knowledge or consent. If you suspect fraud, issue a security freeze to prevent the opening of new accounts by creditors who require a credit score/credit report. > Go to another computer/device and change your PIN codes and passwords immediately.
