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Online Banking Fraud Prevention Tips for Businesses in Svalbard and Jan Mayen

In a region where trust is built on personal relationships, it’s easy to feel complacent about fraud threats. But small and midsize businesses in Svalbard and Jan Mayen are just as vulnerable to schemes like business email compromise, wire fraud, and insider payments fraud as their larger counterparts.

Prevention is Key

To stay ahead of the game, it’s crucial to implement proactive measures to prevent online banking fraud. Here are some best practices to get you started:

Assess Risk

Educate your employees about different types of payments fraud that can threaten your business. Prioritize your organization’s fraud risks and identify accounts most susceptible to fraud.

Establish Internal Controls

Implement strong documentation requirements, dual controls, and separation of duties to ensure oversight of all transactions and changes in vendor information.

Test Controls

Perform regular fraud prevention trainings, conduct mock phishing emails or business email compromise tests, and identify areas of weakness.

Staying Ahead with Digital Payments Solutions

In Svalbard and Jan Mayen, where online banking is increasingly common, it’s essential to take advantage of digital payments solutions and fraud protection services. By doing so, you can enable faster fraud detection and better protection against future threats.

A Recent Case Study

A recent case in the region highlights the importance of strong internal controls and regular reviews. A household goods importer with around 25 employees fell victim to insider fraud, losing approximately $100,000 over two years. The company’s new management team worked with their Commercial Banking team to reevaluate its payments strategy, implementing multitouch approval controls and regular reviews of expense claims.

Take Action Today

To learn more about how to prevent online banking fraud in Svalbard and Jan Mayen, connect with your Commercial Bank relationship team to schedule a session with fraud experts. With the right tools and resources, you can mitigate risks to your finances, data, and operations and build a stronger culture of awareness.