At Froehling Anderson, our Minneapolis and St. Cloud based CPAs help individuals and businesses safeguard their financial data through strong internal controls, education, and fraud-risk assessments.
At Froehling Anderson, our Minneapolis and St. Cloud based CPAs help individuals and businesses safeguard their financial data through strong internal controls, education, and fraud-risk assessments.
Fraudsters often impersonate trusted institutions such as banks, government agencies, CEOs, or vendors. Recent trends show an increase in bank impersonation scams, where scammers call pretending to be from your financial institution’s fraud department.
Awareness of these schemes is the first step toward preventing them.
Fraud attempts often come with subtle warning signs:
Building a personal relationship with your banker helps you recognize when communication seems out of character. Typically, your known banker will contact your established point of contact, not a random employee.
Good financial habits and strong internal controls are your best defense against fraud:
For Individuals
For Businesses
Fraud risk assessments shouldn’t wait for a problem—they should be part of your annual review or SWOT analysis. This process evaluates financial risks and keeps you proactive rather than reactive.
If you suspect fraud:
Avoid making transfers, sharing additional information, or deleting messages before your financial institution or CPA can review them.
A trusted CPA is more than an advisor—they’re an ally.
Discuss your internal controls with your CPA regularly. Proactive communication can prevent issues before they escalate—and when something new arises, your CPA likely has seen it before and can guide you through the right steps.
As technology advances, so do scammers. Artificial intelligence and deepfakes make it easier than ever to impersonate trusted sources. The best defense? A healthy dose of skepticism.
The first step to building your fraud-awareness is to recognize that no one is immune—whether you’re an individual or a business owner. Use cybersecurity tools, educate yourself on best practices, and partner with your CPA to establish strong financial safeguards.
At Froehling Anderson, we help individuals and businesses protect their financial well-being through risk assessments, accounting best practices, and fraud-prevention strategies.
If you have questions about your internal controls or want to learn more about preventing financial fraud, contact our team of experts today!
Interviews with Dale Pust, Nhan Tran, and Katie Buchanan were conducted to provide original thought leadership on the subject.