I posted a blog on May 3 about a serious form of online fraud called account takeover fraud. An Iowa church appears to be one of the latest victims, to the tune of $660,000.
In a Your Church blog post titled Cyber Crime: Coming to a Church Near You, Matt Brannaugh tells the story, then offers six tips for avoiding a similar attack on your church. One that bears special mention is dual controls. From my earlier post, “This means that if one person authorizes creation of a payment file, a second person must authorize release of that file.”
At ECCU, we feel so strongly about the importance of dual controls that we require ministries to implement it when they set up their online banking.
For more information about how to protect your ministry’s information and funds, you can read our white paper Handling Cash: A Common-Sense Approach to Securing Your Ministry’s Most Liquid Asset.