Security for Business
Security for businesses
At First Republic Bank, your account security and peace of mind are of the utmost importance. If we identify any suspicious activity indicating fraud, we may contact you and place an alert on your account.Here are some tips to help keep your business accounts secure:
- Require customers to provide identification for checks and card signature transactions.
- Assign financial transaction responsibilities to at least two people so no single person is responsible for payment of checks, entry to your accounting system and reconciliation of your financial statements.
- Personally review and sign all checks issued.
- Keep check stock in a secure location when not in use.
- Require two people to execute a wire transaction whenever possible.
- Reconcile your accounts frequently and review account activity daily.
- Periodically perform a risk assessment of the technology, processes and controls used for banking to identify any weaknesses or vulnerabilities.
- Verify references and perform a background check on all new employees.
- Validate any new payments, regardless of dollar amount, prior to sending.
- Develop and train your team on security procedures, including the: ◦ Use of credentials and passwords.
- If permitted by your business processes:
◦ For wire and ACH transactions, establish red flags for new payees, account numbers, dollar thresholds and international transfers, and assign someone to verbally verify the details of these transactions with the payment instructions provider to ensure they have not been modified by a fraudster.
◦ Designate a single computer just for online transactions. Do not allow the computer to be used for email or general web surfing. This will minimize the possibility that the computer could be infected by emails with malicious attachments or links to fraudulent websites.
◦ Use maker/checker or submitter/approver procedures to reduce the chance that one person could initiate an unauthorized transaction.
- Consider enrolling your account in Check Positive Pay and ACH Positive Pay, services designed to safeguard against fraud. ◦ Check Positive Pay allows you to compare all checks presented for payment with a list of checks you have entered online to ensure an exact match. When a discrepancy is found, we flag it for your review.
◦ Use of business email accounts for business purposes only.
◦ Protection of company assets, including data, inventory and information.
◦ ACH Positive Pay helps protect your account from fraud by allowing you to manage incoming ACH debits. You can add authorization rules for future transactions while processing unauthorized debits to be paid or returned to the originating bank.
Enjoy peace of mind with the latest online banking protection software from Trusteer. Rapport complements your existing antivirus and firewall software, locking down your browser and creating a safe communication channel between you and First Republic Digital Banking.Benefits
- Provided at no cost to our clients
- Automatically updates and requires little to no maintenance
- Protects you against financial malware and removes existing infections
- Ensures you’ve accessed a genuine First Republic Bank website, not a phishing site
*Limit one bonus per customer / user ID for businesses that download Trusteer Rapport. Bonuses are reportable for tax purposes. You must have a First Republic checking or savings account in order to receive the bonus. Your bonus will be deposited within two weeks of confirmation.