Fraud Prevention
We take fraud prevention and education seriously to ensure you remain informed and well-guarded against financial fraud.
A Trusted Partner
TriState Capital Bank is committed to providing our clients with exceptional service and security.
Our dedicated fraud mitigation teams are ready to assist in all areas of fraud and risk education.
We have many processes in place to make your online banking experience as secure as possible.
Robust Security
Including a secure browser, multifactor authentication, and keyboard encryption
ACH and wire payment origination
Requires dual approval, a unique passcode, and optional threshold limits
myAccess
Our digital portal that allows you to safely monitor your line of credit from your laptop, tablet, or smartphone
Are you a fraud victim? Here’s what to do.
Act quickly. Time is critical when fraudulent activity is suspected.
- Contact TriState Capital Bank immediately at 1-866-680-8722 and select option 2. If funds have already been transferred, TriState Capital Bank will immediately begin the necessary process and provide the required documentation to the beneficiary bank.
- Contact your local FBI field office to report the crime.
- File a complaint with the FBI’s Internet Crime Complaint Center (IC3).
For more information, please review the content in full on this page.
Common Threats
Business Email Compromise (BEC) and counterfeit check fraud are some of the most common forms of fraud. Here’s how you can avoid these threats.
BUSINESS EMAIL COMPROMISE (BEC)
BEC is a sophisticated scam targeting businesses performing electronic payments such as wire or automated clearing house (ACH) transfers. Criminals compromise business email accounts through social engineering or computer intrusion techniques, accessing systems and monitoring email communications. This information is then used to impersonate an employee and redirect pending or future payments to fraudulent bank accounts.
TIPS TO AVOID BUSINESS EMAIL COMPROMISE:
- Verify all payment changes and transactions in person or via a known and valid telephone number
- Examine the email address, URL, and spelling used in all correspondence
- Enable multifactor authentication for all business email accounts and never disable it
- Don’t click on anything in an unsolicited email or text asking to update or verify any information, being especially wary if pressing action is requested
- Educate employees, implement preventive strategies for identifying phishing emails, and formalize response protocols
COUNTERFEIT CHECK FRAUD
Many TriState Capital Bank customers distribute thousands of checks through the course of normal business. A fraudster can intercept these checks and create sophisticated counterfeit checks—replicating all information, including authorized signatures. These counterfeit checks are then distributed to unknowing individuals through a check fraud scam. A victim unknowingly deposits the counterfeit check at their bank. The bank then presents the check to TriState Capital Bank for payment.
TIPS TO AVOID COUNTERFEIT CHECK FRAUD:
- Partner with a trusted bank with digital tools that identify and alert you to suspicious transactions
- Be aware of scams by using the curated resources found at the bottom of this page
- Be alerted if a check amount exceeds a payment amount, leaving a balance to be refunded
- Be especially wary of any transactions involving sweepstakes prize funds
- Educate employees, implement preventive strategies, and formalize response protocols
PROTECTING YOUR BUSINESS FROM WIRE FRAUD
Wire fraud remains one of the most common and costly threats to businesses. Fraudsters often use phishing tactics, social engineering, or email compromise to trick employees into authorizing wire transfers to fraudulent accounts. These scams can lead to significant financial losses if not caught early. TriState Capital Bank offers robust tools and resources to help you safeguard your business from wire fraud.
Key Tips to Prevent Wire Fraud:
- Verify Wire Requests: Always confirm any wire transfer request through a trusted communication channel (e.g., phone call to a known contact). Never rely solely on email for verification.
- Implement Dual Control: Set up dual approval processes for all wire transfers, requiring two employees to authorize a transaction before it is processed. This reduces the risk of unauthorized wire transfers.
- Use Secure Messaging Systems: Avoid sending sensitive payment information through unsecured methods like email. Use secure communication platforms provided by your bank to transmit payment instructions.
- Monitor Accounts Regularly: Set up account alerts to receive notifications of any outgoing wire transfers. Immediate detection can help mitigate losses if fraud occurs.
- Train Employees: Educate employees about the risks of wire fraud and the importance of verifying all wire transfer requests before taking action.
PROTECTING YOUR BUSINESS FROM ACH FRAUD
Automated Clearing House (ACH) is an electronic payment network used for processing a wide variety of financial transactions. Despite its many benefits, ACH fraud, such as unauthorized transfers or account takeovers, continues to be a major threat to businesses of all sizes. Fraudsters use various methods, such as phishing emails or social engineering, to gain unauthorized access to your accounts and initiate fraudulent ACH transactions. At TriState Capital Bank, we are committed to helping you safeguard your accounts from these types of attacks.
Key Tips to Prevent ACH Fraud:
- Enable Positive Pay: Our Positive Pay service matches ACH transactions against a pre-approved list of authorized payments, helping to prevent fraudulent debits from being processed.
- Set Transaction Limits: Limit the amount of ACH payments that can be processed each day or require dual authorization for higher-value transfers to reduce the risk of large unauthorized payments.
- Monitor Transactions Regularly: Set up real-time alerts to track ACH transactions and quickly spot any suspicious activity.
- Verify Payment Changes: Always confirm any changes to vendor payment instructions by contacting vendors directly through a trusted communication method.
- Use Multi-Factor Authentication (MFA): Add an extra layer of security to your online banking to prevent unauthorized access.
Solutions We Offer
TriState Capital Bank offers a full suite of payment fraud mitigation services, including:
FAQs
Get quick and clear answers to some of our most received questions about fraud.
Scammers are continually finding new ways to steal your money. You can help protect yourself by knowing what to look out for when conducting your normal day-to-day business. Visit the CFPB website to read about some of the most common types of fraud and scams.
We make it really easy for you! We build online banking user profiles for all those authorized to pay or reject incoming ACH and check items. We also map your check file so you don’t need to rearrange anything—just upload your file. You’ll receive an email to approve or return the transactions (default is to return).
Act quickly. Time is critical when fraudulent activity is suspected.
- Contact TriState Capital Bank immediately at 1-866-680-8722 and select option 2. If funds have already been transferred, TriState Capital Bank will immediately begin the necessary process and provide the required documentation to the beneficiary bank.
- Contact your local FBI field office to report the crime.
- File a complaint with the FBI’s Internet Crime Complaint Center (IC3).
More than 80% of organizations report being targets of a payment fraud attack, and fraud cases are continually rising every day.
TriState Capital Bank may call you to confirm certain money movements or other transactions.
If so, TriState Capital Bank will always attempt to authenticate your identity before discussing any account information. TSC will not ask for your username, password or debit card PIN over the phone.
If you are ever concerned or suspicious about a call, call TriState Capital Bank directly at 1-866-680-8722, log into your account at TSCBank.com, or call the phone number on the back of your debit card for bank inquiries.
TriState Capital Bank has a full suite of fraud mitigation services to meet your needs.
Contact your Relationship Manager today.
EXTERNAL LINKS:
- DocuSign Whitepaper: Combating Phishing – A Proactive Approach
- FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
- FBI notification on Business Email Compromise – the $43 Billion Scam | FBI’s Internet Crime Complaint Center (IC3.gov)
- Joint Cybersecurity Advisory (CSA) concerning Russian State-Sponsored and Criminal Cyber Threats to Critical Infrastructure (cisa.gov)
- What are some common types of scams? | Consumer Financial Protection Bureau (consumerfinance.gov)
- Fraud and scams key terms | Consumer Financial Protection Bureau (consumerfinance.gov)
- FDIC’s Consumer News – Avoiding Scams and Scammers
- FBI notification on how COVID-19 pandemic is increasing the risk of business email compromise (BEC)
- FDIC’s Consumer News Offers Tips on Avoiding Scams
- Avoid Scams Related to Economic Payments, COVID-19
- A Cybersecurity Guide for Businesses
- A Cybersecurity Guide for Financial Institution Customers