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:
- What online banking security practices you have in place? (Ask which cyber criminals have these systems proven they can defeat.)
- What is your reimbursement policy on commercial accounts?
- What is your fraud notification policy? How quickly will I be notified if fraud is attempted on my account?
- 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?
- What am I responsible for in terms of online banking security?
- 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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