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06/28/2023
4 common types of business fraud to watch out for — and how to prevent them
Sioux Falls Business
Business owners face a myriad of challenges when it comes to running a successful enterprise. One of the most rapidly increasing challenges relates to that forbidden f-word: fraud.
With the number of fraud-related incidents on the rise and fraudsters becoming increasingly creative in their tactics, First National Bank unfortunately has been witness to its growing impact on local businesses.
To protect your business, your employees and customers, and your hard-earned capital, you should keep a diligent eye out for the following types of business fraud — and make sure to educate yourself on how to prevent them.
Check fraud
What to watch out for: All business owners are at risk for the creation of fraudulent checks.
In this instance of fraud, perpetrators will look to obtain and manipulate legitimate business checks, either by altering the payee name on the original check or by re-creating a replica check with an altered payee name or other information.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
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Resources
Your electronic library to help in fighting financial fraud for all of our partners.
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