News Releases

BMO and Davis Henderson Recognize March as Fraud Prevention Month

TORONTO, March 3, 2011 – BMO Bank of Montreal and Davis Henderson, a leading solutions provider to the Canadian financial services industry, are recognizing March, official Fraud Prevention Month, as an opportunity to advise Canadian business owners on the actions they can take year round to ensure they are protected.

“Fraud is a direct threat to the success of our business customers,” said Gail Cocker, Senior Vice-President, Commercial Banking, BMO Bank of Montreal. “At BMO, we want to help business owners stay informed about what precautions they can take. In today's world, business owners must understand and manage multiple risks. Fraud is an operational risk that must be proactively managed,” added Ms. Cocker.

“No small business owner likes to think their business is at risk or vulnerable to loss. The unfortunate reality is that the potential for fraud is always present, even when its signs aren't immediately visible, “ said Serge Rivest, Executive Vice President , Sales & Marketing, Davis Henderson. “Part of the challenge is identifying the most likely opportunities for fraud and where the weak points are in your defences.”

There are a number of tips for business owners to keep in mind:

1. Talk to Your Merchant Services Provider – Find out how your business is being protected from fraud loss resulting from lost or stolen credit or debit card numbers, and what your exposure is. Your merchant services provider has the answers.

2. Prevent Hacking – Talk to your financial institution about how to protect your online accounts from hackers and phishing scams. This includes understanding what your institution will and won't ask for by email or online, such as password and account information.

3. Limit Access to Account Data – Ensure you have rigorous internal processes to manage functions like payroll accounts and bank transfers. All it takes is your account number and bank transit information (from the bottom of any cheque) to initiate fraudulent bank transfers from unauthorized sources.

4. Record Storage & Disposal – Your sensitive data should never just be thrown out with the trash – that's the number one way that fraudsters can gain access to restricted information and customer data.

5. Don't Use Free Email Services to Conduct Business – Website-based email is great for your personal life, but they shouldn't be your primary channel for conducting business and exchanging sensitive data and customer information.

6. Follow Up with Suppliers – If you are making payments to your suppliers in the mail, get in touch with them to ensure that it was received.

7. Check Your Bank Accounts – Regularly log-on to review your bank account and monitor for any discrepancies. Talk to you banker about any charges that are suspect.

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For media enquiries:

BMO Financial Group
Paul Cunliffe, Toronto, paul.cunliffe@bmo.com, (416) 867-3996

Davis Henderson
Curtis Khan, Toronto, curtis.khan@dhltd.com,
Vice President, Marketing & Partnership Programs, 416-696-7702