Although CNP fraud is on the rise, you can mitigate your company’s risk by layering different levels of protection. Here are several smart strategies to help you and your employees avoid this common scam.
Educate employees on the latest card theft methods.
Implement companywide trainings that help employees recognize digital and physical methods of card theft. Social engineering (such as phishing) and card skimming both dominate the scammer’s toolbox today—but that doesn’t mean there won’t be more tools tomorrow.
Train cardholders in financial data hygiene.
Require these safety protocols for any employee with a corporate card:
- Store credit and debit cards in a secure place.
- Don’t share sensitive data (like a card’s number or CVV) with unauthorized employees or allow them to use the card.
- Don’t save corporate passwords or card details in an internet browser.
- Avoid the use of public Wi-Fi networks when making card purchases.
Create baseline limits and layers of approval.
Empower your financial team by instituting strict procedures for corporate card purchases—such as baseline spending limits and multilayered approval processes.
Double-check card charges at regular intervals.
Regardless of the dollar amount, have a plan in place to track and double-check all card charges at regular intervals. For the best results, these intervals should be unpublicized and hard to predict.
Require two-factor authentication.
Two-factor authentication (2FA) adds another level of security to an employee’s login credentials. Often, it takes the form of a code sent from an authentication app to a device the employee owns and must log into independently.
Let algorithms lend a hand.
Machine-learning fraud detection algorithms can monitor the IP addresses, shopping behavior, and types of devices connected to your corporate account. This data helps establish regular patterns of activity. These patterns make it easier to spot future irregularities, cross-reference any card actions that break company protocol, and flag or halt suspicious transactions.
Talk to Truist.
Consult with a Truist relationship manager about our business credit cards with corporate, executive, employee, and purchasing card options. Each card has specific uses and fraud protections. For example, the Truist Purchasing Card lets employees buy goods and services within certain limits while also finding discount opportunities and limiting check usage.
