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Sponsored by: Chelsea Groton Bank
March 14, 2022

Check Fraud and Other Scams Are On the Rise: Here Are a Few Ways to Protect Yourself and Your Business!

Unfortunately, business fraud cases – including altered checks, counterfeit checks and electronic manipulation of account information – continue to be on the rise. Here are a few tips to ensure you and your business stay safe:

  • Take advantage of online and mobile banking alerts and push notifications for high risk or high value transactions.
  • Be sure to monitor your bank account activity daily. Don’t just verify that a check has cleared. Instead, take a look at the check image to ensure it was delivered to the intended recipient. Business accountholders have only 24 hours to catch and report fraud to their bank, so it’s critical that accounts are monitored closely and reconciled daily. With endorsement fraud on the rise, it’s important to also verify the image of the back of the check to see if it’s been deposited by the correct recipient. Some financial institutions, including Chelsea Groton Bank, offer services like the Positive Pay automated check and ACH fraud detection service to help safeguard your business account against fraud.
  • Monitor the entitlements and permissions given to all employees, and review them frequently. Ensure each individual (even the most trusted ones!) has a unique login and has the lowest level of access required in order for them to do their job.
  • Never trust wiring instructions sent via email. Cyber criminals hack email accounts and send emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or by phone with a trusted and verified phone number. Chelsea Groton’s Online Wire Transfer Service provides businesses with an efficient, streamlined and secure wire transfer experience.
  • If your company uses credit card terminals to do business, it is recommended that terminals remain locked in a secure location when not in use in order to prevent the SIM card from being stolen.

A few additional tips to keep you safe:

  • NEVER provide your personal or business information, personal identification numbers (PINs) or passwords to anyone, even if the person claims to be from a financial institution you know and trust. Hang up and call the company, using a verified phone number to report the incident and ensure your account is secure. Remember, banks will NEVER ask for this type of information by phone call, text or email.
  • Only do business with companies you know and trust. Never click on unfamiliar links, open attachments or correspond with unfamiliar email addresses. If unsure if an email is authentic, contact the sender through the known and verified email address or phone number you typically use to connect with that individual or business.
  • If fraud is detected on any of your accounts, contact your bank, local police, and if you have cyber insurance, call the insurance company right away. In addition, if you feel that you may have been compromised in any way, it’s worth contacting your bank as they may be able to set up an alert or add certain controls to monitor the account for unauthorized activity.

Interested in learning more about Chelsea Groton Bank’s online banking features and cash management services that can help protect you and your business? Reach out to Alexis Kahn and her team at or (860) 448-4295.

About Chelsea Groton Bank: Based in Groton, Conn., Chelsea Groton Bank is a full-service mutually owned bank with over $1.5 billion in assets. Chelsea Groton Bank’s products and services include consumer banking, business banking, mortgage and business lending, cash management, financial planning and financial education programs. With 14 branch locations throughout New London County and a Loan Production Office in Hartford County, Chelsea Groton Bank also provides online and mobile banking, 24-hour telephone banking, and nationwide ATM banking for individuals, families and businesses. To learn more, please visit Member FDIC. Equal Housing Lender. NMLS ID 402928.