Guarding against fraud requires a range of tactics that are always evolving to meet the latest threats. While advancing technologies create increasingly lethal fraud attacks, the best way to meet these threats is to put automation to its best use. Technology can help businesses mitigate risks from paper payment and check electronic fraud attempts with a combination of basic controls, electronic payments and automated reconciliation capabilities.
Here are three ways you can automate financial tasks to protect your business quickly and easily.
Automate cash reconciliations
Reconciling cash daily identifies fraud early and stops it much more quickly. In fact, 77 percent of businesses that experienced at least one fraud attempt identified the fraudulent behavior through daily reconcilement processes.1 Manually entering expense data makes reconciling a time-intensive task for many businesses. Cash management solutions such as SunTrust Online Courier provide real-time notification of transaction and balance detail that can be reviewed for potential fraud attempts. Additionally, deposit reconciliation services can direct all deposits into a single account with unique identification numbers and customized deposit tickets to give your company accurate daily deposit detail by location provides an extra layer of monitoring to detect fraud quickly.
Streamline your financials
Eliminating manual entry into your accounting system saves accounting staff time while eliminating the risk of manual entry error and providing faster insights about daily payments and receivables. Services like SunTrust Online Treasury Manager allow your staff to download financial information from online accounts into your accounting system providing the information you need to track and monitor business finances.
Placing blocks and filters on all or specifically identified ACH transactions in designated accounts with SunTrust ACH Fraud Control provides an additional level of fraud protection by reducing losses and improving controls over ACH transactions. Positive Pay, a service that flags discrepancies against company-supplied check-issued files to verify the authenticity of checks presented, is used by 88 percent of businesses to protect from fraud attempts.1
Track your expenses online
In addition to online services and reporting from your financial institution, transitioning payments to credit card and online purchases provides much more efficient expense tracking. Business and corporate credit cards, purchasing cards which automate most vendor payments and employee payroll cards all improve the ability of your company to track expenses and minimize the risk of fraud.
Products such as Enterprise Spend Platform (ESP) provide a comprehensive online card management application for managing travel and entertainment (T&E), procurement and payables process for corporate and purchasing cards. Consolidating card usage into an ESP platform improves spending controls with online account monitoring and built-in alerts as well as spending audits, allowing your staff to identify attempted fraudulent behavior quickly and efficiently.