Fraud Action Plan

July 24, 2019, by Lindsey Owens Krausen

Over the last decade, payments fraud has become a concern for nearly every organization. As technology and eCommerce evolve, the threat of fraud evolves with it. Our number one priority is the security of our clients, their families, and their commercial interests. Your client team at Oakworth Capital Bank is committed to providing the resources you need to prevent illegal transactions before they happen.

The steps outlined below are designed to guide you through the actions to take if fraud occurs.

  • Call Oakworth and go through recent activity
  • Work with your client advisor to open a replacement account and close the compromised account as soon as possible
  • Identify and transfer any auto drafts/payments from the compromised account to the new account and notify all vendors of new account information
  • Monitor the compromised account during transition period and utilize online and mobile platforms and alert options to keep track of all transactions
  • Place a post no debits on the compromised account and have items decisioned manually
  • Close account once all activity is posted to the new account
  • Set up transaction alerts on the new account through your online banking profile
  • Consider using Positive Pay on new account
  • Review guidelines shared in our Online Fraud Prevention article

Legal Action and Dispute

  • Contact local law enforcement and report the incident
  • For cyber-crimes please visit www.IC3.gov to report the incident
  • Keep any documents, images of checks, etc. that may be used as evidence

Review internal control procedures and provide security awareness training for associates (commercial clients).
Knowing the proper steps to take once fraud has occurred will reduce the likelihood that it will happen again. For further information or if you have any questions please contact your Client Advisor or Amelia Ricks at 205-263-4724.