5 Types of Payment Fraud Business Owners Should Know

2022 Alliance sponsor feature article courtesy of First Citizens Bank

Payment fraud is a complex threat—one that can come from inside and outside your small business. To avoid the significant impact fraud can have on your business’s health and viability, vigilance is key. A single instance of fraud can result in the loss of thousands of dollars—not to mention a degree of trust in your company by employees and customers.

Staying vigilant starts with educating yourself on what threats to look out for. Here are five common forms of payment fraud that business owners should know about, as well as some tips to help you protect your business against them.

1. Business credit card fraud
If you issue business credit cards, you need to ensure every employee takes necessary precautions to appropriately protect and use them. The key is to set strict policies about what does and doesn’t qualify as an approved charge.

Review business credit card statements as soon as they arrive. If you notice a charge that looks suspicious, check with the employee to see if there was a mistake on their part. If you believe the card was compromised, contact your bank as soon as possible to dispute the charges and close the account. The longer the card remains valid, the greater your risk will be of accruing additional fraudulent charges.

2. Wire fraud
Another common type of fraud is illegal wire transfers. Criminals try to trick individuals into authorizing a wire transfer from a small-business bank account. They may pose as a customer or vendor to gather information that can help them gain access. Once they identify who can authorize a transfer, they’ll send an email that looks like a legitimate request for funds. Wired funds are settled immediately, which means it can be difficult to recover them after you detect fraud.

Protect your business by verifying any payment requests from a vendor or customer that look unusual. Call the number you have on file rather than using any contact information included with the request. Also, limit the number of employees who have authority to approve or send wire transfers from your account.

3. ACH fraud
Small businesses often use automated clearing house, or ACH, transfers. These can be a convenient way to pay bills and direct deposit an employee’s salary. Unfortunately, they also can open up opportunities for ACH fraud. Hackers may try to obtain your banking information, often through an email phishing scam, and then use it to initiate payments online or over the phone.

To combat this type of fraud, have a special account used for issuing ACH transactions. Get to know your vendors and watch for any activity that seems unusual. Also, set limits on ACH transfer amounts, and review your accounts daily to identify potential fraud immediately.

4. Forgery
Many of today’s transactions are digital, but forgery can still happen. With this type of fraud, someone obtains a company check, makes it out to themselves or an accomplice, and forges the authorized signature. Companies often spot this type of fraud when a check that wasn’t recorded in the accounting system is cashed.

Prevent forgery by keeping checks in a secure place and only accessible by authorized individuals. Also, match payees to bank statements to discover any suspicious activity.

5. Invoice fraud
Finally, invoice fraud is another common scheme that can happen to small business owners. Criminals send false invoices that, at first look, appear to be legitimate charges from vendors for products or services. The hope is that the invoice will be paid without being questioned.

Protect yourself against this type of fraud by cross-referencing invoices with purchase orders and contracts. You can also request that the vendor provide the name of the authorizing agent from your business. Also, be leery of anyone who asks for quick payment outside of your standard invoice terms.

Stay alert
Criminals often target successful small businesses because their owners are juggling several responsibilities and may overlook the charge. You work hard to earn your money and you should keep it. You can help protect your business from fraud by paying close attention to all financial transactions. Implementing strong fraud detection solutions can also go a long way toward helping you stay vigilant against these threats.

Top 5 Reasons to Join Us for the Fall Conference in Cherokee

The Fall Conference is just a little more than a month away and our hotel and registration discounts expire in two weeks. This year’s event is an excellent opportunity to engage with practice management colleagues, thought leaders and exhibitors; sharpen leadership skills through professional development experiences; and enjoy the fall in one of North Carolina’s most beautiful mountain settings.

But if you are still on the fence, we’ve pulled together the top five reasons you should join us September 14-16 at Harrah’s Cherokee!

1. Professional Development

Get timely and relevant continuing education from practice management thought-leaders and industry experts. Just Announced: a new session by management expert Larry R. Jurgens addressing the latest on physician compensation plans. See our full agenda here.

2. Productivity and Innovation

The exhibit hall is your one-stop-shop for the products and services making a difference in healthcare. Our 2022 Alliance sponsors can help you and your practice reach the next level of service and performance. See who’s joining us in Cherokee!

3. Connection and Engagement

Peer connections are essential to your success and that or your practice, and the Fall Conference is full of engagement opportunities. See our agenda for the full list of networking opportunities available.

4. Brand New Luxury Facility

Harrah’s luxurious Cherokee Casino Resort is set amid the beautiful mountain setting of western North Carolina. We’re excited to hold our conference in Harrah’s brand-new convention center. Learn more about the facility and our discounted room rate here.

5. Blue Ridge Beauty

Cherokee is one of the most beautiful fall destinations in North Carolina’s Smoky Mountains. From majestic waterfalls to breath-taking vistas, Cherokee provides an idea backdrop for engagement and relaxation. Learn More


Register Today

Full conference costs start at $325 for members. See all of our conference pricing here. To register today, please follow the online registration link below. Early registration discounts end August 23rd.

Questions

If you have any questions about the Fall Conference, please contact the NCMGMA offices at info@ncmgm.org.

National & NC Legislative & Regulatory Updates at the Fall Conference

National & NC Legislative & Regulatory Updates at the Fall Conference

With advocacy being one of the top voted benefits by NCMGMA members, the Fall Conference offers a range of sessions aimed to provide legal and federal updates to your practice. MGMA’s own Kelsey Haag brings the update from Washington while Curi’s Jason Newton addresses a host of regulatory and legal updates. Topics will include claims and verdict trends, Medicare payment and quality rules, the impact of recently passed legislation, and legislative issues on the horizon.


Kelsey Haag
Washington Update
Friday, September 16
11:30 AM – 12:30 PM

Jason Newton
Regulatory & Legal Update
Friday, September 16
10:45 AM – 11:30 AM

Join us in Cherokee and see why advocacy is so important to our members.

Conference Information

Schedule of Events

From timely continuing education sessions to essential networking to face time with sponsors and exhibitors, the Fall Conference has all the elements you need to invigorate your practice and energize your healthcare leadership career. Visit the conference schedule of events page to learn more.


Conference Speakers

Come hear inspirational speaker Sam Glenn, active-shooter training specialist Johnathan Frisk, MGMA Government Affairs Associate Director Kelsey Haag, healthcare consultant Doral Jacobsen, teamwork and leadership consultant Adrienne Lloyd, and legal expert Jason Newton. Keep checking the speaker page as new speakers are being continually added.


Practice of the Year

Sponsored by First Citizens Bank, this award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean-ups, community screenings and education (internal & external), etc. Click here for complete nominations details. The deadline for nominations is August 6th.


Hotel Accommodations

All events for the Fall Conference are scheduled at Harrah’s Casino and Resort, located at 777 Casino Dr, Cherokee, NC 28719. We are pleased to offer our attendees the discounted group rate of $139 per night for a single/double room (plus taxes). Reservations must be made no later than August 23, 2022, for the discounted rate.

Register Today

Online registration is now open. Full conference costs start at $325 for members. See all of our conference pricing here. To register today, please follow the online registration link below.

Questions

If you have any questions about the Fall Conference, please contact the NCMGMA offices at info@ncmgm.org.

Active Shooter Training at the Fall Conference

Surviving an Active Shooter in the Medical Office
A Must-attend Friday General Session

Serving the Charlotte area for over 20 years as a law enforcement officer, Johnathan Frisk will bring his training session, “Surviving an Active Shooter” to the 2022 Fall Conference. This 1.5-hour course is designed to provide and empower individuals with option-based survival skills to stay alive until law enforcement arrives and to, ultimately, survive any violent incident. Johnathan’s presentation will be high-energy with interactions and demonstrations.

Join us in Cherokee, September 14-16 at Harrah’s Cherokee, and become one of the 40,000 civilians to receive Officer Frisk’s active shooter training.

Conference Information

Schedule of Events

From timely continuing education sessions to essential networking to face time with sponsors and exhibitors, the Fall Conference has all the elements you need to invigorate your practice and energize your healthcare leadership career. Visit the conference schedule of events page to learn more.


Conference Speakers

Come hear inspirational speaker Sam Glenn, healthcare consultant Doral Jacobsen, active-shooter training specialist Johnathan Frisk, teamwork and leadership consultant Adrienne Lloyd, and legal expert Jason Newton. Keep checking the speaker page as new speakers are being continually added.


Practice of the Year

Sponsored by First Citizens Bank, this award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean-ups, community screenings and education (internal & external), etc. Click here for complete nominations details. The deadline for nominations is August 6th.


Hotel Accommodations

All events for the Fall Conference are scheduled at Harrah’s Casino and Resort, located at 777 Casino Dr, Cherokee, NC 28719. We are pleased to offer our attendees the discounted group rate of $139 per night for a single/double room (plus taxes). Reservations must be made no later than August 23, 2022, for the discounted rate.

Register Today

Online registration is now open. Full conference costs start at $325 for members. See all of our conference pricing here. To register today, please follow the online registration link below.

Questions

If you have any questions about the Fall Conference, please contact the NCMGMA offices at info@ncmgm.org.

2022 Fall Conference is September 14-16 in Cherokee: Register Today!

Fall Conference Registration is Open
Join Us September 14-16 in Cherokee

Join us September 14-16 at the Harrah’s Cherokee Casino Resort in Cherokee, NC. The Fall Conference gives practice managers the opportunity to engage with colleagues, thought leaders and exhibitors; sharpen leadership skills through professional development experiences; and enjoy the fall in one of North Carolina’s most beautiful mountain settings.

Attendee registration is now open! Browse this post to see all that the 2022 NCMGMA Fall Conference has to offer and make plans to join us today!

Conference Information

Schedule of Events

From timely continuing education sessions to essential networking to face time with sponsors and exhibitors, the Fall Conference has all the elements you need to invigorate your practice and energize your healthcare leadership career. Visit the conference schedule of events page to learn more.


Conference Speakers

We’re still finalizing our speaker line up but, so far, inspirational speaker Sam Glenn, healthcare consultant Doral Jacobsen, active-shooter training specialist Johnathan Frisk, and legal expert Jason Newton are already confirmed. Keep checking the speaker page as new speakers are being continually added.


Practice of the Year

Sponsored by First Citizens Bank, this award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean-ups, community screenings and education (internal & external), etc. Click here for complete nominations details.


Hotel Accommodations

All events for the Fall Conference are scheduled at Harrah’s Casino and Resort, located at 777 Casino Dr, Cherokee, NC 28719. We are pleased to offer our attendees the discounted group rate of $139 per night for a single/double room (plus taxes). Reservations must be made no later than August 23, 2022, for the discounted rate.

Register Today

Online registration is now open. Full conference costs start at $325 for members. See all of our conference pricing here. To register today, please follow the online registration link below.

Questions

If you have any questions about the Fall Conference, please contact the NCMGMA offices at info@ncmgm.org.

We All Could Use a Win Right Now: Get Yours with the Practice of the Year Award!

2021 Practice of the Year Award

The North Carolina Medical Group Management Association (NCMGMA) is proud to partner with First Citizens Bank to present the 8th Annual Practice of the Year Award, to be presented on the evening of Thursday, October 7th during the Fall Conference networking reception at the Renaissance Asheville Hotel.

This award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean-ups, community screenings and education (internal & external), etc.

Award recipient will receive:

  • An attractive award piece.
  • A donation to be made in the practice’s name to their charity of choice.
  • Public recognition at the NCMGMA Fall Conference, to be held October 6-8 in Asheville, NC.
  • Promotion through a press release to national trade and consumer media.
  • Recognition on our e-news site, NCMGMA News.

To submit your nomination for the 2021 Practice of the Year Award, please access the printable form at the link below and return it to the NCMGMA office at Melissa@ncmgm.org by 5:00 PM on August 6, 2021.

Questions
If you have any questions about submitting your nomination, please contact the NCMGMA offices at info@ncmgm.org.

Celebrate Your Success With the 2021 Practice of the Year Award

2021 Practice of the Year Award

The North Carolina Medical Group Management Association (NCMGMA) is proud to partner with First Citizens Bank to present the 8th Annual Practice of the Year Award, to be presented on the evening of Thursday, October 7th during the Fall Conference networking reception at the Renaissance Asheville Hotel.

This award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean-ups, community screenings and education (internal & external), etc.

Award recipient will receive:

  • An attractive award piece.
  • A donation to be made in the practice’s name to their charity of choice.
  • Public recognition at the NCMGMA Fall Conference, to be held October 6-8 in Asheville, NC.
  • Promotion through a press release to national trade and consumer media.
  • Recognition on our e-news site, NCMGMA News.

To submit your nomination for the 2021 Practice of the Year Award, please access the printable form at the link below and return it to the NCMGMA office at Melissa@ncmgm.org by 5:00 PM on August 6, 2021.

Questions
If you have any questions about submitting your nomination, please contact the NCMGMA offices at info@ncmgm.org.

Share Your Practice’s Positive Stories | NCMGMA Healthcare Highlights


Celebrating our Healthcare Heroes

Share Your Practice’s Positive Stories

Check out what your fellow NCMGMA members have been up to by selecting their individual stories below.

NCMGMA Healthcare Highlights – presented by First Citizens Bank, showcases positive stories happening in healthcare within North Carolina. Help us share these bright spots and celebrate your practice or organization for the incredible work you are doing. Please share any ways you are:

  • Keeping your staff healthy and happy
  • Increasing morale in your office
  • Giving back or getting involved with the community

These don’t need to be sweeping gestures – small acts of kindness can have a huge impact! Photos, videos, and recaps can be submitted here. We can’t wait to highlight all that you’ve been doing! Be sure to view your spotlight and see what your fellow NCMGMA members are doing on the NCMGMA website.  

Submit Your Work

Follow the links above to submit your story and for more information. If you have any questions, please contact the NCMGMA offices at info@ncmgm.org.

Mid-Atlantic Emergency Medical Associates Celebrate Our Healthcare Heroes


Celebrating our Healthcare Heroes

Mid-Atlantic Emergency Medical Associates

Mid-Atlantic Emergency Medical Associates (MEMA) celebrated National Emergency Room (ER) Nurse Appreciation Week from October 11th through October 17th, 2020. It was a time to recognize ER nurses for their dedicated work to providing quality patient care. The staff at MEMA took it to a whole new level this year with both in-person and virtual award presentations, marquee letter lights, photo ops, and more!

Learn more about the nurses who were recognized during the 2020 celebration by clicking on the button or images below.

View MEMA’s Healthcare Highlight

Share Your Positive Stories Happening In
Healthcare and Within North Carolina

NCMGMA Healthcare Highlights – presented by First Citizens Bank, showcases positive stories happening in healthcare within North Carolina. Help us share these bright spots and celebrate your practice or organization for the incredible work you are doing. Please share any ways you are:

  • Keeping your staff healthy and happy
  • Increasing morale in your office
  • Giving back or getting involved with the community

These don’t need to be sweeping gestures – small acts of kindness can have a huge impact! Photos, videos, and recaps can be submitted here. We can’t wait to highlight all that you’ve been doing! Be sure to view your spotlight and see what your fellow NCMGMA members are doing on the NCMGMA website.  

Submit Your Work

Follow the links above to submit your story and for more information. If you have any questions, please contact the NCMGMA offices at info@ncmgm.org.

Durham Nephrology Associates & ECU Physicians Celebrate Their Healthcare Heroes


Celebrating our Healthcare Heroes

Durham Nephrology Associates & ECU Physicians

Durham Nephrology Associates and ECU Physicians are two healthcare organizations who have been pioneering ways to keep staff safe and healthy during the COVID-19 pandemic. Durham Nephrology Associates has held several “wellness” events including holding a “Cutest Pet” contest, a pumpkin carving contest, and have continued internal wellness perks such as providing fresh fruit in their break room, that is individually wrapped. Likewise, many of the ECU Physicians faculty and staff have stepped up to do things outside their normal areas – patient screening, cleaning clinical areas, COVID testing, etc. during the COVID-19 Pandemic, exemplifying the great teamwork and dedication ECUP employees have.

Learn more about the healthcare heroes at Durham Nephrology Associates and ECU Physicians by clicking on the images and links below.

Check out Durham Nephrology Associates’ team spirit and wellness events by clicking here.

Check out ECU Physicians
COVID-19 Testing Site
by clicking here.

View Healthcare Highlights

Share Your Positive Stories Happening In
Healthcare and Within North Carolina

NCMGMA Healthcare Highlights – presented by First Citizens Bank, showcases positive stories happening in healthcare within North Carolina. Help us share these bright spots and celebrate your practice or organization for the incredible work you are doing. Please share any ways you are:

  • Keeping your staff healthy and happy
  • Increasing morale in your office
  • Giving back or getting involved with the community

These don’t need to be sweeping gestures – small acts of kindness can have a huge impact! Photos, videos, and recaps can be submitted here. We can’t wait to highlight all that you’ve been doing! Be sure to view your spotlight and see what your fellow NCMGMA members are doing on the NCMGMA website.  

Submit Your Work

Follow the links above to submit your story and for more information. If you have any questions, please contact the NCMGMA offices at info@ncmgm.org.