People's United Bank Fraud Prevention products and services are critical tools for all companies in today’s fast paced, electronic environment. Fraud Prevention products and services are crucial in the protection of your business from unauthorized attempts at accessing your funds.
Please scroll down for more details on our fraud prevention products and services.
To contact a Treasury Management Representative to learn more, call 1-888-280-4635.
For questions on existing Treasury Management Services, including Online and Mobile Banking support, please contact 1-866-831-5717.
ACH Fraud Protection
ACH Fraud Protection
With ACH payments becoming increasingly popular, it's important to take proactive measures to reduce your losses. People's United can provide you with the tools to help you manage the risks associated with unauthorized ACH debit activity with these innovative fraud protection tools.
- ACH Block
Returns all ACH debits attempting to post to an account.
- ACH Positive Pay
With this service only authorized electronic transactions are allowed to be withdrawn from your account. As ACH debits post to your account they are matched against your authorized list. If an item does not match against the list it will be rejected and you would be notified.
Check Fraud Protection
With annual check fraud losses rising, it's important to take proactive measures to reduce your losses. People's United can provide you with the tools to help you manage the risks associated with check fraud with these innovative fraud protection tools.
- Check Positive Pay
Compares checks presented for payment against your electronic check issuance file to identify unauthorized payments.
- Payee Positive Pay
As checks are presented for payment, the Payee name is matched against the Payee issue data from your check issuance file. Any exceptions will be reported within eTreasury+ for quick and easy decisioning.
- Reverse Positive Pay
Rather than creating a check issue file, we will provide you with all checks presented for payment - allowing you to compare all paid checks with your own records – and decision each item through eTreasury+.
Online Fraud Protection
Protecting your business financial assets is a top priority at People’s United Bank, but we can’t do it alone. Just as you protect your business from intruders by activating a burglar alarm at closing time, your business computer must be protecting from cyber thieves attempting to exploit weaknesses in your computer network.
The links below provide security measures you can take to help protect your accounts from scams and other harmful attacks.
- Harden your computer against cyber attacks.
Computers that are not appropriately protected can become an open gateway for cyber criminals to access your online account or perform malicious activity. Unfortunately, antivirus alone is not enough to protect you from malware that can give cyber criminals control of your computers. Below are basic tips to protect the computers at your business.
1. Use a dedicated computer: If possible, dedicate a PC to be used ONLY for online banking purposes to mitigate against the risk of PC and user credentials being compromised. This PC should not be used for email, social media, or web browsing.
2. Password Protection: A unique password or token PIN is the first step of securing your online information. Select a password/PIN that is easy for you to remember but not quickly guessed, like birthdays, sequential numbers or street addresses. Do not share your password/PIN with anyone. Remember, our employees will never ask for your password.
3. Keep your operating systems, antivirus and other software up to date. Scan your computers for viruses regularly.
4. Fraud Awareness: Fraudsters use official-looking e-mails (Phishing) and websites to lure you into revealing confidential financial information. The messages appear to be from trusted banks, retailers or other companies. Be suspicious of any e-mail with urgent requests to “verify account information.” When in doubt, call the sender directly and validate the message. If you receive a suspicious email, do not click on any links or attachments, since they could contain malware. Just delete the email.
5. Transaction Review: Check your account balances and transaction activity daily and promptly report any suspicious activity to your account manager or call our Commercial Client Support team.
For more security tips to protect your computer see the Computer Protection Checklist.
- Make your computer less vulnerable to cyber thieves.
Your business online account has built-in security options you can use to protect and monitor your online activity. Don’t wait until your business is a victim of cyber fraud before you protect yourself.
1. Enroll and Check your Email Alerts: Alerts will notify you about activity on your account. Reviewing alerts immediately can protect against fraudulent activity on your account.
2. Review Account Activity: Review your online accounts for any transactions you did not initiate. Early detection may prevent large losses.
3. Requiring two individuals to execute transactions can prevent fraudulent activity even if one employee's computer is compromised.
4. Change your Password: Changing your password periodically reduces the chance of it being compromised.
5. Only use Company Computers: When accessing online business accounts, only use designated company computers that use the company network. Non-business computers and networks are more likely to be infected with malware.
- How to identify common attacks by cyber criminals.
No one wants to become a victim of cyber fraud, but if it does happen, responding to it quickly is of the utmost importance. Below are ways to help your employees identify when they may be the victim of cyber fraud, or when you should consider contacting us for assistance. Be sure that all employees that participate in online banking are aware of these tips.
Contact customer support if you experience any of the following scenarios:
1. If you receive an email alert regarding a wire, ACH, or bill pay transaction you did not initiate
2. If you receive an email alert regarding a change of password or email address you did not create
3. If the login screen looks different or has unusual fields or prompts
4. If you see unknown transactions or balance inconsistencies on your account
5. If you receive a message saying online banking is unavailable due to maintenance or another reason after you just logged in
6. If you log on to online banking and are immediately logged off, your account is locked for no apparent reason, or your computer freezes
- Learn about your liability in the event of a cyber attack.
People’s United Bank provides commercial online business banking to its business customers to add convenience for conducting financial transactions, but we cannot assume liability for fraud on business accounts as a result of malware and system vulnerabilities on our customers' IT systems. Customers must ensure that adequate security controls are in place on their IT systems before accessing online banking to minimize risk.
Business customers are contractually obligated to maintain the security of their computers and must monitor their accounts. This means that you will be responsible for any fraudulent financial activity on your account if your computers or accounts are compromised. Business customers who use their IT systems to house proprietary, financial, or personnel information should employ an Information Security Professional periodically to conduct a thorough review of their systems and security controls.
Please be aware that the FDIC or Regulation E does not cover fraud losses for commercial customers. People’s United Bank recommends that all business owners discuss online fraud protection with their insurance carriers to ensure they are adequately protected in the event of a loss.