Practical steps to secure your associations finances
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Practical Steps To Secure Your Association’s Finances and Prevent Bank Fraud

Florida Community Association Professionals, August 2025

To safeguard their finances, community associations should implement robust fraud controls that create layered protections. Start with dual authorization for large checks and transfers, and regularly reconcile bank statements with internal records to catch discrepancies early.

To foster a vigilant culture, associations should educate board members and staff on fraud risks while enforcing strong passwords and multi-factor authentication to enhance security. Maintain open communication with the association’s bank, and report any suspicious activity to help prevent losses. In addition, regular internal and external audits help identify vulnerabilities and reinforce accountability.

Tools like positive pay reduce check fraud by allowing the bank to verify issued checks against a list provided by the association, flagging discrepancies for review. Variations such as ACH positive pay and reverse positive pay extend this protection to electronic payments, offering greater control and transparency. By combining these practices and tools, associations can significantly protect their financial resources.

Georgia Miller is the SVP community association relationship manager at Cogent Bank. For more information call 888-577-0404 or visit www.cogentbank.com.