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Cybersecurity threats like account takeover, check fraud and unauthorized ACH debits can put businesses at financial risk and disrupt daily operations.
Here at National Bank Exchange & Trust, we offer tools to help businesses strengthen these areas, including Token Multi-Factor Authentication with RSA SecurID®, Check Positive Pay and ACH Positive Pay for Debit Blocks. Businesses can also use Business eBanking features, such as account alerts and dual control, to monitor transactions and add oversight to payment approvals.
Cybersecurity Solutions for Businesses: Key Takeaways
- Secure every login: Multi-factor Authentication Tokens add a second layer of authentication, so a stolen password alone cannot open your accounts.
- Verify payments before they clear: Check Positive Pay and ACH Positive Pay stop altered checks and unapproved electronic transactions.
- Monitor accounts and add oversight: Account alerts help businesses stay informed about account activity, while dual control can require a second user to authorize certain transactions.
How Do You Implement the 3 Core Cybersecurity Safeguards?
Explore NEBAT’s Fraud Mitigation Tools
What Is the Impact of NEBAT Fraud Mitigation Products?
Comparing threat coverage and core functionality shows how each NEBAT fraud mitigation tool targets a specific risk.
How NEBAT Products Address Each Business Fraud Threat
| NEBAT Product/Tool | Primary Threat Mitigated | Core Functionality |
|---|---|---|
| MFA Tokens | Account takeover and wire fraud |
Provides an extra layer of security when sending funds out of your account or logging into Business eBanking |
|
Check & Payee Positive Pay |
Check washing and counterfeit checks |
Matches issued check amount, date, check number and payee names entered within Business eBanking against check information provided by the receiving institution |
|
ACH Positive Pay |
Unauthorized ACH withdrawals |
Blocks unauthorized electronic debits outside approved business rules |
What Are Industry Best Practices for Business Cybersecurity?
NEBAT’s products align with guidance from CISA, NIST and Nacha, which point to multi-factor authentication, separation of duties and close monitoring of payment activity. When Nacha members approved new rules aimed at credit-push fraud such as business email compromise, Nacha’s President and CEO made clear that responsibility doesn’t rest with banks alone:
“All participants in the ACH Network have a part to play in reducing the incidence of fraud and recovering when fraud has occurred. I applaud Nacha’s members for taking this important step of self-governance.”
– Jane Larimer, Nacha President and CEO
Two habits show how this self-governance works on a day-to-day basis:
- Establish Dual Approvals for Payments: Require two distinct administrative users to initiate and approve outgoing wires and ACH files within Business eBanking.
- Review Daily Exceptions Promptly: Train accounting staff to review daily exception decisions in Business eBanking before decision cutoff time.
Ready to Secure Your Business Financials This Month?
Protect your accounts against check washing, ACH fraud and account takeovers with NEBAT's dedicated treasury management solutions.
Frequently Asked Business Cybersecurity Questions
How Does Positive Pay Work at National Exchange Bank & Trust?
Positive Pay uses information you provide to help ensure the checks and ACH files clearing your account are from an approved list. If a check or ACH is not on an approved list, it creates an exception that needs an additional approval.
To request Positive Pay, submit a request using the Business Service Request form and our Business Services Group will help you complete and sign the required agreements.
What Is the Difference Between Check Positive Pay and ACH Positive Pay?
Check Positive Pay verifies paper checks clearing your account against your issued records within Business eBanking. ACH Positive Pay governs electronic withdrawals, stopping any debit from a payee you have not approved. Using both tools covers paper and electronic payment channels.
