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TAKE A BYTE OUT OF FRAUD

5 steps to help keep your business accounts shielded from relentless financial
criminals

By Kerby Meyers September 2, 2022 5 min read

Keith Parsons barely pauses when asked for examples of organizations being
victimized by financial fraud. Consider these three stunning incidents that
occurred within about a week's time this summer:

 * A participant in an HVAC company's 401(k) plan lost $790,000 when a hacker
   adeptly cleared all safety and verification measures.
 * A large institution wired $385,000 to a bogus account after it received a
   payment instruction change order from a German equipment vendor.
 * A law firm reported that a six-figure settlement check was altered after it
   was stolen out of a U.S. Postal Service mailbox.

"We're absolutely seeing fraud across every channel and every business line,
through ATMs, mobile banking, account takeovers, identity theft, mail theft,
check fraud, alterations and forgeries," said Parsons, director of financial
crimes, BOK Financial®. "Financial fraud has always been there and always
targets businesses, but lately, we've been seeing different rings, groups and
organizations committing more fraud at higher volumes."

According to the Association for Financial Professionals (AFP) annual payments
fraud survey, 71% of organizations in the U.S. were exposed to some sort of
illegal payment activity in 2021. The overall figure represented a seven-year
low, but Parsons said his office has seen a sharp rise in activity since last
October, with 500-600 incidents per month—at least double the 250 he'd seen on a
monthly basis over the previous 20 years.

Shannon Habermehl, a BOK Financial treasury services market manager, said it's
possible that the number of businesses and people scammed could be higher as
many victims hesitate to share their experience.

"Many will say it hasn't happened to them, but as we talk, they'll say 'well,
there was this one time,'" she said. "There are so many choices and channels for
making payments in the current environment that cybercriminals have many more
ways to compromise accounts and accesses."

Given the abundance of scams, skims and deceptions, Parsons and Habermehl
encourage businesses to bolster their financial protection with five key
measures.

1. Before you "reply," pick up the phone
How secure is your company email? Habermehl puts it simply: "Assume a
cybercriminal is reading all of your emails every day, seeing who you
communicate with, how you communicate and what you're sharing in those emails."

Amid such a heightened sense of wariness, view any payment-related email
skeptically. Follow up on any change of accounts notice or request for payment
with an old-school phone call to your contact via the phone number within your
records, not the contact number on the potentially compromised email.

If making that extra call seems inefficient, "so does losing $1,000 or $1
million," Habermehl said. Parsons added that once you authorize a payment, the
money's gone, whether it's a bogus recipient or not.

2. Employ your bank's resources
For virtually 100% protection, Parsons urges organizations to use bank tools
such as Check Positive Pay with Payee Match and ACH Positive Pay, services that
are offered by BOK Financial, Bank of Albuquerque, Bank of Oklahoma and Bank of
Texas. These only allow payments to be completed if the amount and recipient
have been identified in advance or confirmed by the bank.

"This puts the customer in control because they either tell us what they've sent
out in a day or clear the list of pending payments we've compiled," he said. "If
anything is altered, changed or doesn't match up, it doesn't get paid."

3. Save some trees—and headaches
Businesses continue to overwhelmingly rely on physical checks, despite the open
door they offer to criminals. The AFP survey revealed two thirds of all payment
fraud attempts in 2020 and 2021 were check-related.

"Every time you put a check in the mail, you're potentially providing your
banking account information to a criminal, including the account name, account
number, bank routing number and a perfect specimen of the authorized signature,"
Habermehl said. "We encourage companies to shift checks out of the mail system
and away from those who handle checks, from the printing and envelope stuffing
to the envelope opening and depositing."

Instead, process as many payables as possible through ACH or corporate card
payments, she said.

4. Reshuffle your card sense
As long as you don't lose the physical card and are queried for approval on
every potential purchase, Parsons encourages using a credit card as much as
possible, since it offers the most protection against unauthorized purchases.

Meanwhile, Habermehl recommends businesses ditch any debit cards, since they
offer direct access to funds in the business bank account.

5. Get the conversation going
Noting that the AFP survey reported that nearly three-quarters of fraudsters
target either the accounts payable or corporate treasury departments, Habermehl
stressed that solid internal controls rely on robust internal communications.

"Staff members of one team might feel uncomfortable reaching out to another
department to verify payment information out of fear that they might look
unskilled at their job, they could be intimidated to ask questions of someone
considered 'busy,' or perhaps they don't want to be perceived as telling someone
how to do their job," she said.

To combat that discomfort, she recommends departments meet and collaborate on
internal control processes and procedures that will help protect the company. In
smaller companies, where an owner or single manager handles the finances, she
added that looping someone else into the cash flow oversight is valuable.

Vigilance pays

Parsons and Habermehl both said the proactive approach is beneficial as they
frequently hear from clients who have stymied fraudsters.

If your business is victimized, report it to your bank as soon as possible since
allowable return deadlines are tight for fraud. And file a police report. As
with all white collar crime, the theft may fall lower on the priority list than
violent crime, but Habermehl said the details from your loss could be key to
solving a criminal case with local, state or federal officials.

Learn more about BOK Financial's online security or call 844-517-3308 to report
suspicious activity on BOK Financial-related accounts. The Cybersecurity and
Infrastructure Security Agency also keeps an up-to-date list of current threats.

KEYWORDS

 * Cybersecurity
 * Payments
 * Fraud

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Take a byte out of fraud September 2, 2022
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BOK Financial Corporation is a more than $45 billion regional financial services
company headquartered in Tulsa, Oklahoma with more than $90 billion in assets
under management and administration. The company's stock is publicly traded on
NASDAQ under the Global Select market listings (BOKF). BOK Financial
Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., BOK
Financial Private Wealth, Inc., and BOK Financial Insurance, Inc. BOKF, NA
operates TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA
operates banking divisions across eight states as: Bank of Albuquerque; Bank of
Oklahoma; Bank of Texas and BOK Financial (in Arizona, Arkansas, Colorado,
Kansas and Missouri); as well as having limited purpose offices Nebraska,
Wisconsin and Connecticut. Through its subsidiaries, BOK Financial Corporation
provides commercial and consumer banking, brokerage trading, investment, trust
and insurance services, mortgage origination and servicing, and an electronic
funds transfer network. For more information, visit www.bokf.com.

Securities, insurance, and advisory services offered through BOK Financial
Securities, Inc., member FINRA/SIPC and an SEC registered investment adviser.
Services may be offered under our trade name, BOK Financial Advisors.

Investments involve risk, including loss of principal. Past performance does not
guarantee future results. There is no assurance that the investment process will
consistently lead to successful investing. Asset allocation and diversification
do not eliminate the risk of experiencing investment losses. Risks applicable to
any portfolio are those associated with its underlying securities.

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT FDIC INSURED | NOT GUARANTEED BY THE
BANK OR ITS AFFILIATES | NOT DEPOSITS | NOT INSURED BY ANY FEDERAL GOVERNMENT
AGENCY | MAY LOSE VALUE.

The content in this article is for informational and educational purposes only
and does not constitute legal, tax or investment advice. Always consult with a
qualified financial professional, accountant or lawyer for legal, tax and
investment advice. Neither BOK Financial Corporation nor its affiliates offer
legal advice.

BOK Financial® is a trademark of BOKF, NA. Member FDIC. Equal Housing Lender .
© 2023 BOKF, NA.

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