Premier Flooring Retailer Premier Flooring Retailer Magazine - Covid-19 Busi | Page 16

■ Consider minimizing the use of checks in dealing with your business. Think
about using credit cards, which typically have better protection in the event of a
theft, for your business expenses.
■ Review your general liability insurance policy and discuss adding coverage for
loss due to bank fraud with your insurance broker.
Educate your
staff of the
potential ACH
fraud and
establish steps
to prevent it.
For example,
there are “low
tech” tools such
as shredding
financial data,
and more
sophisticated
Internet and
email safe
practices.
■ Educate your staff of the potential ACH fraud and establish steps to prevent it.
For example, there are “low tech” tools such as shredding financial data, and
more sophisticated Internet and email safe practices. It is important that your
business take steps to minimize the risk of being a victim of fraud. You cannot
rely just on your bank’s antifraud measures.
■ Report any theft to your insurance broker. Most policies have deadlines for
reporting a claim. You may also want to contact legal counsel who can advise on
what steps you need to take to protect your business and possibly recover the sto-
len funds.
■ Report the fraud to appropriate law enforcement agencies. This may be a
required step for the bank to recover the money, and for the insurance company
to cover your losses.
■ Consider contacting the company that received the fraudulent funds if you know
to whom the funds were sent. This puts them on notice that the funds are sto-
len and may allow you to recover some if not all of the money stolen from your
business’s account.
14 Premier Flooring Retailer | Q1 2020