Maximizing Efficiency and Security: Cash Management Solutions for Businesses

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Maximizing Efficiency and Security: Cash Management Solutions for Businesses

In today’s fast-paced business environment, having control over financial processes is key to success. Whether you’re a small business or a large corporation, managing cash flow efficiently and securely is essential. At F&M Bank, we provide insight into how cash management products can streamline operations, enhance security, and ultimately help businesses thrive regardless of your business size.

With the increase in fraud activity the industry has seen in recent years, we sat down with Robyn Good, our Vice President and Treasury Management Officer to discuss her recommendations for businesses wanting to remain proactive about managing their funds movement. Robyn is a lifelong Shenandoah Valley resident with over 35 years of banking experience; 17 of those years have had a specialized focus on business deposits and fraud solutions.

What are Cash Management Products, and Why are They Important for Businesses of All Sizes?

Cash management products offer businesses tools to simplify and streamline their financial processes. With real-time account monitoring, companies can reduce the risk of fraud and better manage day-to-day financial operations.

Robyn: “Every business, regardless of size, needs to protect their accounts and monitor activity with ease. With cash management solutions, businesses can oversee multiple transactions and spot potential fraud much faster, giving them more control.”

 

How Do Business Online Banking Solutions Simplify Cash Management?

Online banking solutions tailored for businesses go beyond the basics of consumer banking. Features like recurring payments, vendor payments, positive pay, and stop payments are invaluable for businesses looking to grow and maintain efficiency.

Robyn: “Cash management allows businesses to pay vendors electronically and manage payments seamlessly. This is vital for businesses looking to expand and build a reputation of reliability.”

 

Popular Cash Management Products for Businesses

Our most recommended products include:

  • Positive Pay: This service helps prevent check fraud by verifying checks presented for payment against checks issued by the business.
  • ACH Origination: This allows businesses to easily process electronic transactions, from payroll to vendor payments, providing speed and security.

The Benefits of Automated Clearing House (ACH) Services

ACH services help businesses mitigate risks associated with physical checks. By processing payments electronically, businesses can protect their sensitive account details and gain better control over payment timing.

Robyn: “ACH services offer speed and reversibility, making it a preferred option for many companies handling payroll or vendor payments.”

Streamlining Processes with Remote Deposit Capture

Remote Deposit Capture (RDC) simplifies the check deposit process for businesses. Instead of making a trip to the bank, businesses can scan checks and deposit them directly from their office.

Enhancing Security with Business Online Banking and Cash Management

Security is a top priority when it comes to online banking. From multi-factor authentication (MFA) to setting access controls for employees, businesses can secure their online transactions and banking activities.

Robyn: “Our online banking system allows businesses to set time-of-day and IP address restrictions, ensuring that unauthorized individuals cannot access sensitive financial information.”

 

Positive Pay: A Must-Have for Preventing Check Fraud

Positive Pay is a powerful tool in preventing check fraud. It matches details like check number, issue date, payee, and dollar amount against a list of checks authorized by the business. If any discrepancies arise, the business is immediately alerted to review and approve or reject the payment.

This system ensures that unauthorized or altered checks don’t slip through, protecting your business from potential fraud.

Clearing Up Common Misconceptions About Cash Management

Cash management services are often seen as complex or unnecessary, but they are designed to simplify processes. “It’s a value-add to the relationship with the bank,” our team shares. “These services are user-friendly and provide a depth of visibility that businesses need for security and growth.”

The Future of Cash Management

As fraudsters become more creative, the importance of cash management products continues to grow. The future of cash management will focus even more on electronic transactions, reducing the need for checks and ensuring that businesses have the tools to safeguard their assets.

Robyn: “We expect ACH to become even more integral as businesses prioritize speed and security. “The right safeguards will keep businesses one step ahead.”

With the right cash management solutions, businesses can take control of their financial processes, mitigate risks, and set themselves up for growth.

Interested in learning more?

Contact Robyn today for a free consultation and discuss how our solutions can benefit your business.

“Fraud Department” Phishing Scam

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We have been made aware of an unsolicited text and phone call scam circulating through our area. In reported cases, a customer received a text message that appears to be from the F&M

Bank fraud department, or other local financial institutions. The text message references a purchase from an online store, in many cases “H.S.N online store”, and asks for the customer to select a link to cancel the transaction.  A sample is to the right for your convenience.

Fraud text alert scam example

Please DO NOT click any links sent to you via text.

 

Unfortunately, fraudsters can configure a text message or phone call to appear to come from any source. This scam is extremely dangerous because it seems legitimate. To best protect yourself, never give out your confidential information over the phone or via text.

 

Our fraud detection services will text, email, or call clients if a transaction is suspicious; however, our platform will not request that you select a link to cancel a charge.  Our fraud services will only ask that you confirm if you initiated the transaction with a simple “V” for Valid or “F” for Fraud response. See below for an example of a valid fraud alert. 

Valid Fraud Alert

Stay safe and alert

If you receive such a call or text message, do not respond. Contact your local F&M Branch using a number you know to be valid. Do not use numbers contained in the caller ID on your mobile phone.

Remember this excerpt from our holiday shopping blog: Safeguarding Your Finances: Protecting Yourself from Holiday Season Scams and Frauds. Revisit this blog for practical tips to safeguard your finances all year round.

“Regularly monitor your bank and credit card accounts for any unauthorized transactions. Be sure to install F&M Mobile on your mobile device to monitor your accounts and receive alerts while on the go!

  • Set up transaction alerts to receive notifications whenever a transaction is made. Report any suspicious activity to your financial institution immediately. Purchase alerts are customizable, can be received via email or text, and can be used to confirm legitimate purchases or notify you of suspicious activity. F&M Bank allows you to set transaction and balance alerts within F&M Mobile and Online Banking to stay on top of unexpected transactions on your account.”

 

Here are our tips on how to recognize text scams.

 

 

Last update: 09/25/2024

Safeguarding Your Finances: Protecting Yourself from Holiday Season Scams and Frauds

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As the holiday season approaches, it’s important to be aware of the increased risk of frauds and scams that banks often witness during this time. Unfortunately, cybercriminals take advantage of the festive spirit and heightened online shopping activity to target unsuspecting individuals. F&M Bank offers an array of security features and tips to help you protect your identity and accounts.  In this blog post, we will explore the common scams and frauds that occur during the holiday season and provide you with practical tips to protect your personal and financial information.

safe shopping transaction alerts

  1. Be Wary of Phishing Attempts

Phishing emails and text messages are a common method used by fraudsters to trick people into revealing sensitive information. Be cautious of unexpected emails or messages asking for personal details, login credentials, or credit card information. Remember, reputable organizations will never ask for such information via email or text.

  1. Shop on Secure Websites:

Before making any online purchase, ensure that the website is secure. Look for the padlock symbol in the address bar and the “s” – When paying online, check the URL to ensure it begins with “https://”. The “s” at the end indicates a secure connection. Additionally, check that the name of the web page does not contain spelling errors or strange characters.  Avoid making transactions on unsecured or suspicious websites, as they may be designed to steal your information.

  1. Use Strong and Unique Passwords:

Protect your accounts by using strong, unique passwords for each online platform you use. Avoid using easily guessable passwords or reusing them across multiple websites. Consider using a password manager to securely store and generate complex passwords.

  1. Stay Updated on Security Measures:

Familiarize yourself with the security features provided by your bank and payment providers. Enable two-factor authentication whenever possible. Regularly review your account statements and transaction history for any suspicious activity.

  1. Avoid Public Wi-Fi for Financial Transactions:

Public Wi-Fi networks are often unsecured, making it easier for hackers to intercept your data. Refrain from conducting any financial transactions or accessing sensitive information while connected to public networks. Instead, use a trusted and secure network, such as your home Wi-Fi or a personal hotspot.

  1. Be Cautious of Gift Card Scams:

During the holiday season, gift cards are a popular choice for presents. However, be cautious when purchasing or receiving gift cards from unofficial sources. Scammers may tamper with the cards, steal their codes, or sell counterfeit cards. Always buy gift cards from reputable retailers.

  1. Monitor Your Accounts:

Regularly monitor your bank and credit card accounts for any unauthorized transactions. Be sure to install F&M Mobile on your mobile device to monitor your accounts and receive alerts while on the go!

  • Set up transaction alerts to receive notifications whenever a transaction is made. Report any suspicious activity to your financial institution immediately. Purchase alerts are customizable, can be received via email or text, and can be used to confirm legitimate purchases or notify you of suspicious activity. F&M Bank allows you to set transaction and balance alerts within F&M Mobile and Online Banking to stay on top of unexpected transactions on your account.

safe urls safe shopping

The Visa Payment Fraud Disruption also recommends that all consumers consider these safeguards while shopping this holiday season:

  • Do not click on hyperlinks found in emails or text messages from unknown or suspicious sources.
  • Maintain device and software security by keeping software patched and up-to-date.
  • Ensure Multi-Factor Authentication (MFA) is implemented on all sensitive log in environments.
    • F&M Mobile offers facial and fingerprint recognition on iOS and Android devices.  Enabling this feature on your device further protects your account from being accessed by an untrusted source if your device is misplaced or stolen.
    • With F&M Bank’s Online Banking can detect when you are signing into your account from a new device or browser.  Attempts to access your account from a new or unfamiliar device prompts our system to verify your identity with multifactor authentication and security questions you established at account opening. All information within our Online Banking uses the Secure Socket Layer (SSL) protocol for transferring data. SSL is a cryptosystem that creates a secure environment for the information being transferred between your browser and F&M Bank.
  • Use cybersecurity best practices, including enabling anti-phishing protection on your web browser, adding multi-factor authentication to account log ins, using unique, strong passwords for different accounts, not clicking on unsolicited links, and remain vigilant of the URLs you are visiting.
  • Contact your bank directly by using the phone number or website listed on the back of your card, rather than following guidance from an email, phone call, or text message you received.
  • Never provide a one-time-passcode to a caller, or via email or SMS text message, and do not install Remote Access software unless instructed by a trusted system support provider.
  • Check shipping details on accounts. Be aware of details in the 2nd or 3rd lines of the shipping addresses that might be used to reroute packages.
  • Review bills, bank statements, and credit reports to identify anomalies that could indicate fraud, identity theft, or if someone else has access to your account. Be sure to install F&M Mobile on your mobile device to monitor your accounts and receive alerts while on the go!
  • Update system and application software – Install the latest software on your computer, tablet, or phone.
  • Use tokens when possible. A token can be viewed as a “secret code” that contains no customer or sensitive data, which can be used to transmit a payment. Use of a token for a purchase, or tokenization, is the digital equivalent of using a card’s chip for in-person purchase. The value of the token changes with each transaction, making them more resistant to use by fraudsters.
  • Take advantage of identity and credit monitoring services. These services may be provided by your bank/credit union, credit card provider, employer, or insurance company.
  • Watch for scam indicators in the method of payment being requested: scammers often ask for payment in the form of wire transfers or other money transfers, reloadable or prepaid gift cards, cryptocurrency, or sending cash, since these formats are more difficult to trace.
  • If you suspect a scam, stop and talk to someone you trust about the situation and seek guidance from the organization’s official website before acting on the suspected scammer’s request. Call your local F&M Bank location when you suspect fraud. You can also lock your debit card, and reorder a new one at any time with F&M Mobile and Online Banking.
  • Use caution when posting on social media. Be aware that sharing sensitive personal information can provide criminals with clues to answer your security questions or craft believable, targeted scam messages.

Consumers aren’t the only targets during the holiday season.  Businesses also see an increase in fraud attempts and F&M Bank provides a robust digital suite to help our local businesses safeguard their funds.  Learn more about our business banking recourses here.

While the holiday season is a time of joy and giving, it’s crucial to remain vigilant against frauds and scams. By following these tips, you can protect yourself from falling victim to cybercriminals and safeguard your personal and financial information. Remember, staying informed and adopting safe online practices will make your holiday shopping experience more secure and enjoyable.