There have been many stories recently in the news about check fraud and long-term payroll check scams. This can allow individuals to steal money from banks or your company from an extended period of time without your knowledge. It is extremely important that as an employer, you protect your company and your employees from experiencing any type of financial or criminal damage.
Working in a data sensitive business like the payroll industry, it is even more crucial to keep your employee and company records safe a well-guarded. Payroll providers must collect a considerable amount of confidential information from clients, such as employee name, address, social security number, account numbers for direct deposits, etc. This personal information is stored in many different ways (i.e. databases, emails, text documents, and voicemails), which can increase the probability of a data breach if the information is not properly secured.
Although there are different channels for hackers to acquire this information and begin payroll check and possibly identity theft on your company, there are multiple ways a company can successfully prevent this from happening. Payroll Tax Management (PTM) has a secured data center with double locked door entry so no unauthorized parties can enter the office without approval from an employee. All client data is segregated by unique servers, storage and networks that only a few authorized employees are able to access. Additionally, our client system is a remote application and not stored anywhere online, eliminating the chance for hackers to access unauthorized data. To further protect clients, PTM has a $50 million dollar crime bond to protect clients, along with annual financial audits to ensure that no suspicious activity is occurring without our knowledge.
Payroll tax and check fraud is a serious issue, but with high-level security provisions these scams don’t have to be a constant concern for your company. It is important to have safety measures within your own company, but to save yourself from financial and legal liability with employees it is recommended that you outsource your payroll processing needs. If you have any questions on how PTM can help protect your company from payroll tax fraud, click here.