On Monday, November 11, all Pinnacle offices will be closed for the Veterans Day federal holiday. 2024 Federal Holiday Closures
On Monday, November 11, all Pinnacle offices will be closed for the Veterans Day federal holiday. 2024 Federal Holiday Closures
At Pinnacle, we have an obligation to know our clients. We need to make sure that requests to withdraw funds, change information, authorize payments, open/close accounts and provide account details come from the rightful owners or authorized agents of those accounts. Fraudsters pose extreme threats to our clients if we fail to know who we are working with and ensure they have the authority to provide instructions for payments or alter account information.
We strongly recommend that our clients perform similar due diligence.
Why is this so important? Because money sent by wire transfer is highly unlikely to be recovered. Working together, we can protect you from phony requests.
Here are a few examples of scams that could affect your company:
Just like your bank, it’s important to have sufficient control processes at your company to ensure you are dealing with an authorized person and a legitimate request.
Check the controls around your invoices and payments.
Criminals can hack email accounts, create look-alike email addresses, mask the true sender and address, comb social media for password clues, steal confidential information and more. For that reason, no one should initiate or request payment from their account (wire, ACH, Bill Pay or check) based solely on an email, fax or letter with an invoice or instructions for payment without first verifying that it’s a legitimate request.
A verbal confirmation call to a known contact at a known number is the best way to protect yourself against monetary loss due to a fraudulent payment request.
The following steps will help when researching the authenticity of any payment request:
If any of the above red flags exist, stop the payment request and conduct further research.
If you determine the payment request is fraudulent, notify your company leadership and IT contact, then call your financial or treasury advisor to alert them, as well.
From there, you should find out how it happened and patch any holes in your systems and processes.
Quick Links
Protecting Your Privacy
Learn how we limit sharing of your personal information.
Stop Email Fraud
Help protect yourself against email scams.
Read this for steps you should take immediately.
If you believe your Pinnacle debit or credit card is lost or stolen, call us immediately.
Depending on the services you want, you should be able to discover an option that fits your needs and your budget.
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