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Fraud comes in many different forms
Learn the most common types and know the warning signs so you can protect yourself and your operation.
Although AgWest is committed to providing resources to help prevent fraudulent transactions, losses due to fraud are the customer's sole responsibility.
What is phishing?
Phishing is the number-one threat to consumers and businesses alike, according to the annual Verizon Data Breach Investigations report. Through phishing, a hacker will send emails pretending to be from reputable companies to induce individuals to reveal personal information, such as passwords and credit card numbers.
Phishing is often designed to prey on your sense of fear, urgency, reward, or curiosity to lure you into performing an action such as clicking on a hyperlink or opening an attachment. This usually results in the hyperlink or attachment downloading malware that gives the sender access to your computer or network.
Learn about phishing attacks from former Secret Service Agent and Cybersecurity Expert, Michael Levin.
What is Social Engineering?
Social Engineering is the use of deception to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes. This can happen when an email account is compromised, and requests are submitted to contacts in the email account’s address book to complete some action.
Typically, the fraudulent message asks for help, hoping to take advantage of the receivers’ good nature. This approach is intended to manipulate the email victim into providing information or performing some action that will give the perpetrator access to the system.
Learn about social from former Secret Service Agent and Cybersecurity Expert, Michael Levin.
What is Check Fraud?
While fraud attempts come in many different forms, most of the successful attempts have been centered on low-tech paper checks being intercepted before they get to the intended payee. The check is then altered and often not discovered until it is impossible to reclaim your money.
What can you do to protect yourself?
AgWest recommends protecting your business by employing Positive Pay services when available. Positive Pay services are available for CoBank Cash Manager customers; using Payee Match or Reverse Positive Pay as part of the ongoing daily verification process is like putting a security guard at your account’s front door. If this tool is used properly, you will see that an intercepted check is going to a different party and have the ability to stop payment. Reach out to your Relationship Manager for more information on these services.
AgWest also strongly recommends Cash Manager customers use ACH or other methods of payment as opposed to paper checks whenever possible. There are more guardrails around digital money movement. Protect your ACH transactions with ACH payee verification to stop payment on any adulterated recipients.
Looking for more information?
For additional resources about fighting fraud in your business, check out CoBank’s Fraud Resource Hub, which focuses on fraud and security risks and how to protect against them.
Resource hub
Protect Yourself
We follow ever-changing best practices to protect your information and you are a critical partner in maintaining your privacy and reducing your risk of fraud. There are many best practices and proactive steps you can take to keep your identity safe and out of the hands of cyber criminals.
Passwords are key elements of online security. Protect your username and credentials. If the website allows, use long, complex passwords of 15 or more characters. Include capital and lower-case letters, numbers and symbols. Then use a secure password manager to help you organize and store your unique and complex passwords.
Use caution when discussing and transmitting personal information in public locations. Public Wi-Fi connections may be free but the risk of being hacked is very high. When entering personal information into a website, ensure the site is secure with an “https://” URL.
Enabling two-factor authentication increases the level of security on your account by requiring that multiple factors be entered to gain access. Examples of these ‘factors’ are typically (1) something you know and (2) something you have. An example of this method is first logging into your account with a username and password (something you know). Secondly, the system will send you a text message to your phone (utilizing something you have) with a code needed to proceed to your account.