Financial Crime World

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Online Banking Fraud Prevention Tips in Ecuador

As businesses in Ecuador continue to thrive in a rapidly evolving digital landscape, the risk of online banking fraud has become increasingly concerning. While it’s easy to feel secure behind the walls of your company, the truth is that small and midsize businesses are just as vulnerable to schemes like business email compromise, wire fraud, and insider payments fraud.

To protect against these threats, implementing strong internal controls and best practices is crucial. Here are a few ways to get started:

Assess Risk

  • Educate employees about different types of payments fraud that can threaten your business in Ecuador.
  • Prioritize the organization’s fraud risks and identify accounts most susceptible to fraud, reducing the opportunity for theft.

Establish Internal Controls

  • Implement documentation requirements to support payment requests.
  • Use dual controls and separation of duties to ensure oversight of transactions and changes in vendor information.
  • Perform callbacks to vendors before processing nonstandard requests.

Test Controls

  • Conduct regular fraud prevention trainings to ensure payment fraud controls are being used properly.
  • Identify areas of weakness by conducting mock phishing emails or business email compromise tests.

The importance of online banking fraud prevention was recently demonstrated by a household goods importer in Ecuador that fell victim to insider fraud. After discovering fraudulent transactions totaling around $100,000, the company implemented multitouch approval controls and regular reviews of expense claims to prevent future losses.

To protect against similar threats, companies in Ecuador can work with their Commercial Banking teams to reevaluate their payments strategy and migrate accounts into digital banking platforms like Chase Connect with Cashflow360SM. These platforms can help:

  • Expedite processes
  • Simplify treasury management services
  • Provide additional tools to improve payment approval controls

Here to Help

At JPMorgan Chase, we offer a range of tools and resources designed to mitigate risks to your finances, data, and operations in Ecuador. Connect with our Commercial Banking team to schedule a session with fraud experts who can help you:

  • Assess risk
  • Implement controls
  • Build a stronger culture of awareness

Disclaimer

JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for full disclosures and disclaimers related to this content.