The higher the transaction volume, the greater the risk rises for fraud. Risk is present whether transactions are conducted by check, deposit, wire or electronic transfer. (Photo: JohannesS/Shutterstock) The higher the transaction volume, the greater the risk rises for fraud. Risk is present whether transactions are conducted by check, deposit, wire or electronic transfer. (Photo: JohannesS/Shutterstock)

Every independent insurance agency must protect its operations from fraud, including bank fraud.

Moving money ― both incoming and outgoing ― poses the greatest risk of fraud for an insurance agency. Collecting premiums, paying bills, administering payroll, paying commissions, and moving funds from or to depository accounts all require procedural protocols and consistent monitoring to mitigate risk for the agency.

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