Amegy Bank Presents:
The Layered Defense Approach

Helping You Protect Your Business From Fraud

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FACING FRAUD TODAY

THE LAYERED DEFENSE
APPROACH

FRAUD-FIGHTING TOOLS

Get familiar with the common schemes and their cost. Implement four pillars to help protect your organization from multiple angles. Amegy Bank works with your business to provide products and services that can help address numerous fraud risks.

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Everyday behaviors cost North American
companies roughly $3.5 billion annually

CyberSource® 2013 Online Fraud Report



Today’s Fraud Threats


Accounts Receivable Fraud
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Scheme

Your employees are the lifeblood of your business, but they also have the power to deteriorate it for their own gain. Accounts receivable fraud is purely internal, where employees steal funds, in both online and offline settings, and then alter records via fake discounting/write-offs, faulty balancing, and fraudulent debiting. One of the more common accounts receivable fraud methods is called lapping, where employees continuously steal customer payments to cover previous customer payment thefts.

Impact

According to recent estimates, 80% of the fraud cases are asset misappropriations, including accounts receivable fraud. (Source: Report to the Nation on Occupational Fraud and Abuse. Association of Certified Fraud Examiners (ACFE), 2002.)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

ACH Payments Fraud
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Scheme

Your business can be targeted for ACH Payments fraud by employees or outside criminals. No matter who's doing the defrauding, it's one of the easiest methods of fraud to commit. ACH Payments fraud only requires a checking account number and a bank routing number, which are frequently collected from victims with the help of Trojans and other malicious software.

Impact

In 2014, 22% of organizations were affected by ACH debits fraud while 9% experienced ACH credits fraud. (Source: 2014 AFP Payments Fraud Survey)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Wire Fraud
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Scheme

Both outsiders and insiders can steal from an organization by committing wire fraud. Employees do it by creating fake vendor accounts with which to pay themselves. Other wire fraud criminals pose as vendors you already work with and request that you send payments. These requests usually come via email or phone call.

Impact

In 2013, 14 percent of organizations were affected by wire transfer fraud. (Source: 2014 AFP Payments Fraud Survey)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Credit Card Fraud
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Scheme

Criminals have advanced methods for stealing credit card data virtually. Once they have the information, they proceed to spend your money through either withdrawals or purchases. Credit card theft is one of the most prevalent methods of fraud and can usually be attributed to fake websites where you attempt to make a transaction or phishing.

Impact

65% of organizations discovered they’d had credit card data stolen and then used to make fraudulent transactions in 2013. (Source: RSA-2013 Fifth Annual Online Fraud Benchmark Report) 

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Check Fraud
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Scheme

As technology progresses, fraudsters enjoy easier access to equipment for reproducing fake checks. Such "bad checks" often accompany lottery scams, check overpayment scams, internet auction scams and secret shoppers scams.

Check washing involved erasing details from a check. Once cleared of its details, criminals can use a check to make fraudulent withdrawals and other types of theft. These checks are most frequently stolen out of mailboxes when someone sends a bill payment.

Impact

In 2013, 82% of organizations experienced actual or attempted check fraud. (Source: 2014 AFP Payments Fraud and Control Survey)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Online Account Takeover/Enrollment
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Scheme

When a criminal gets a hold of personal or log in information, he can sign up for credit cards in your name, transfer or steal your money—all while posing as you. Online, this type of fraud happens thru phishing attacks, malware installed on your computer and phony websites that seem legitimate, but actually steal your log in credentials.

Impact

Of the businesses that detected a fraud attempt in 2012, 71% reported that the scheme was online account takeover with fraudulent money transfer. (Source: RSA-2013 Fifth Annual Online Fraud Benchmark Report)

Implement common-sense prevention strategies.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

TAKE A LAYERED DEFENSE APPROACH


A growing number of daily business operations and banking functions are now completed online. And because fraud attacks can come from an ever-increasing number of sources, organizations must establish multiple layers of safeguards, otherwise known as, The Layered Defense Approach.

The Layered Defense Approach consists of the four key security measures that all organizations should implement. When implemented effectively, the LDA helps mitigate a business’ risk of becoming a fraud victim. The four pillars are an industry standard for cyber security.

4 Pillars of the Layered Defense Approach:

1.

Robust, yet easily managed Fraud Monitoring

2.

Multi-Level Authentication to validate and restrict access to your accounts

3.

Secured Web Browsing with deep online coverage

4.

An Adaptive Security Platform that's customizable to your business


                               

Begin building your Layered Defense
Approach before your business is affected

Fraud-Fighting Tools



Fraud Prevention Strategies

When a criminal gets a hold of personal or log in information, he can sign up for credit cards in your name, transfer or steal your money—all while posing as you. Online, this type of fraud happens thru phishing attacks, malware installed on your computer and phony websites that seem legitimate, but actually steal your log in credentials.

 

Accounts Receivable Fraud
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  • Separate financial responsibilities and access rights among employees

  • Watch for behavioral red flags from employees like living beyond one’s means, refusal to take vacations or unusually close association with a vendor or client

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

ACH Payments Fraud
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  • Conduct all business on one or a few computers that don't allow for any other type of internet usage
  • Perform daily reconciliation of accounts to find unauthorized ACH debits

  • Follow the same online precautions recommended in the Online Account Takeover section (see below)

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Wire Fraud
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  • Call to verify all new payment instructions using a number already on your records
  • Set transfer limits

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Credit Card Fraud
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  • Only make purchases from trusted, secure websites
  • Set up Purchase Alerts or Mobile Card Fraud Alerts for your credit card
  • Review account activity frequently
  • Set usage restrictions for transaction type and amount
  • Never send financial information via regular email (it's insecure and easily compromised)

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Check Fraud
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  • Mail all bill payment checks directly from the post office
  • Use a special "check writing" pen, available at most office supply stores
  • Order checks with chemically-sensitive paper
  • Pay your bills online
  • Check your bank account often to see what checks have cleared
  • Recognize signs of bad checks, including: no perforations, missing check number, mismatching fonts, handwritten additions, missing address and stains or discoloration
  • Be wary of a low check number (101-400 on personal checks or 1001-1500 for business checks); 90% of bad checks are written from accounts that are less than a year old

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

Online Account Takeover/Enrollment
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  • Keep fundamental computer security features up-to-date, including operating systems, firewalls and antivirus software
  • Never download or install files from unknown sources
  • Don't click on web ads or pop-ups
  • Access the bank's website by typing or bookmarking www.amegybank.com instead of clicking links
  • Look for the 's' in 'https://' when you arrive at the Amegy Bank website.
  • Don't respond to unsolicited emails, open the links in them or view attachments
  • Be aware of inappropriate web surfing activity on computers you use to access online banking - that's how a lot of malware is loaded onto computers

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

General
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  • Educate employees about fraud risks and train them how to avoid threats
  • Set strict password criteria
  • Regularly review privacy policies and dispose of sensitive, unneeded client information
  • Notify us immediately if you suspect fraudulent activity in your account, possible compromised credentials, stolen device or cards, etc.

Explore Amegy Bank's tools to help prevent accounts receivable fraud.

FRAUD-FIGHTING TOOLS


Find the support your business needs to fight fraud and implement the Layered Defense Approach solutions through Amegy Bank. These fraud-fighting tools act as the Adaptive Security Platform for your Layered Defense Approach. Implement them and spend your time reaching your business goals instead of potentially recovering from fraud.


Fraud Type IBM® Security Trusteer Rapport ACH Debit Block Dual Control EMV RDC Lockbox Transaction Limits Outsource Disbursemebt Positive Pay/ACH Positive Pay OTP Token
Account Receivable Fraud         X          
Merchant Service Loss       X            
Electronic (ACH) Payments X X X       X   X  
Wire Fraud X   X   X   X      
Employee Embezzlement     X   X   X   X  
Card Loss       X            
Check Fraud         X X   X X  
Online Account Takeover
Enrollment
X   X       X     X

IBM® Security Trusteer Rapport
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FREE software that works with your antivirus to help protect your login credentials, online communications and transactions.

Helps Prevent

  • ACH fraud
  • Wire fraud
  • Online account takeover/enrollment

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Lockbox
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3 different tools that can ease the collection of receivables and verify payment sources.

Helps Prevent:

  • Accounts receivable fraud
  • Employee embezzlement
  • Check fraud

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Positive Pay
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A notification service that can give your business increased control over which checks to return or approve for deposit.

Helps Prevent

  • ACH fraud
  • Employee embezzlement
  • Check fraud

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Anytime Deposit
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What it is:
A convenient service allowing your business to deposit checks right from the office with a certified scanner.

Helps Prevent:

  • Check fraud

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Dual Control
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A feature of all our Online Banking solutions that helps to segregate duties and manage user access for any payment or administration function.

Helps Prevent

  • Wire fraud
  • Electronic (ACH) payments fraud
  • Employee embezzlement
  • Account enrollment/takeover

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Transaction Limits
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What it is:
A valuable component of Business Online Banking allowing an authorized representative to complete an outgoing electronic payment up to specified amount.

Helps Prevent:

  • Wire fraud
  • Electronic (ACH) payments fraud
  • Employee embezzlement
  • Account enrollment/takeover

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EMV Technology
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What it is:
A security chip Amegy Bank is implementing in all debit and credit cards. Amegy Bank will offer updated POS devices, to help businesses transition as EMV cards become the standard.

Helps Prevent:

  • Merchant services loss
  • Card loss

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OTP Token
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What it is:
A security enhancement, which uses one-time passwords to further protect and authenticate a business’s online transactions.

Helps Prevent:

  • Merchant services loss
  • Card loss

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ACH Debit Blocks
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What it is:
A tool that allows you to decide which ACH transactions your business allows to post, better avoiding unauthorized charges.

Helps Prevent:

  • Electronic (ACH) payments fraud

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Outsourced Disbursement
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What it is:
An automated consolidation tool giving your business more efficient ways to process large volumes of payables, and helping reduce expenses.

Helps Prevent:

  • Check fraud

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Fighting Fraud is Everyone's Responsibility


Please take the time to review your Amegy Bank account and service agreements. They include both customer protections (like Visa's Zero LiabilityTM program) and responsibilities. For example, under your Treasury Management Master Services Agreement, you are responsible for your Internal Security Controls and all instructions we receive with your Access Credentials even if not actually sent by you.

You should discuss cyber theft with your insurance provider to determine if it makes sense for your organization.