Business Fraud Mitigation Checklist

This document is a checklist designed to assist businesses in mitigating fraud risks. It outlines essential strategies for establishing internal controls and operational procedures to protect sensitive financial information. Key recommendations include creating formal policies for verifying payment instructions, managing system access on a need-to-know basis, and dividing duties among employees to prevent unauthorized transactions. The checklist emphasizes the importance of regular reviews of policies and procedures, as well as employee training on recognizing fraud attempts. It also suggests utilizing external services, such as Positive Pay, to enhance fraud prevention efforts. Additionally, the document advises businesses to monitor accounts regularly using digital banking and to empower employees with resources to safely conduct business online. The checklist serves as a foundational tool for companies to develop a comprehensive fraud prevention strategy and to stay vigilant against potential threats.