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Top 6 things you need to ask your bank about their cyber crime prevention procedures

At AFP's Annual Conference in Boston, Guardian Analytics, the US based supplier of a behaviour-based online fraud prevention solution for financial institutions - FraudMAP, gave out a useful list of questions that corporate treasurers should ask their banks about cyber-crime:

  1. What online banking security practices you have in place? (Ask which cyber criminals have these systems proven they can defeat.)
  2. What is your reimbursement policy on commercial accounts?
  3. What is your fraud notification policy? How quickly will I be notified if fraud is attempted on my account?
  4. If I notice fraudulent activity, how quickly do I need to report it? What will happen if I don't report it with the time frame?
  5. What am I responsible for in terms of online banking security?
  6. Under what situations would you ask for my private credentials? (So you can know when the request is fraudulent.)

Useful questions. Your banks' answers may surprise you.

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This item appears in the following sections:
Fraud Prevention
Minimizing Fraud Procedures

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