Business identity thieves are invisible, cunning and determined. Failure to take precautions leaves your business wide open to theft and fraud that could cripple your business. We know you’ve heard it all before – but check out our list of basic protections.
Implement two-factor authentication on electronic transfers. Requiring two party approvals on electronic transfers makes it significantly more difficult for fraudsters to complete an electronic payment.
If you don’t do electronic transfers consider asking your bank to block them altogether or set your maximum transfer amount to the lowest possible amount.
Monitor and reconcile your bank accounts daily. Immediate reporting of suspicious transactions will reduce your liability and potential losses.
Set up online banking. Online banking let’s you login quickly and conveniently, making it easy to review your transactions every day. Most accounts also allow you to set up alerts on account activity. And by eliminating paper statement you reduce the risk of your banking information falling into the wrong hands.
Access online accounts from a single, dedicated computer. Use a single computer for banking and finance, and avoid using this computer for personal email or web surfing.
Make sure your computer has adequate security software. Do not rely on free or limited versions of security software.
Use strong, complex passwords and change them often.
Never login to online accounts using public access or WiFi hotspots.
Beware phishing scams designed to trick you into divulging confidential information. The ATO, government agencies and legitimate financial institutions will never request you provide or verify information via email. If you receive such an email report it immediately to your bank’s fraud department. Do not respond, click on any links or open attachments.
Carefully review and reconcile your credit card statement as soon as it is received. Be aware that it’s a common tactic to make $5 or $10 purchases on a compromised card and wait to see if the fraudulent transaction is noticed before making larger purchases.
Keep your business chequing account supplies secure.
If you would like us to audit your current finance practices and report on ways you can tighten your protection, please contact us.