November 20198By Michael Purifoy, Senior Vice President - Director of Treasury Management, VeraBankIn the dynamic world of electronic payments, it has become a heavy lift for banks across the country to insulate their small and micro business clients from becoming victims of hackers and fraudsters who prey upon them. Community banks are responding to these threats by investing millions of dollars annually to provide their commercial customers a robust fraud prevention treasury menu with products that offer multiple layers of protection.Is that enough? The simple answer is no. Often, we are finding that businesses are forfeiting their cash because of issues outside products we provide, including internal communication gaps, a computer or network that is not appropriately hardened, or an attitude that the "bad guys" are not interested in targeting their bank account.On average small business owners invest 50-60 hours a week on a wide range of activities focused on managing, improving, and growing their enterprise. This type of hard work and dedication is necessary if the business is going to experience success. However, this focus on TODAY'S FRAUD PREVENTION SOLUTIONS: ARE THEY ENOUGH TO PROTECT OUR COMMERCIAL CLIENTS?In My Opinion
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