How to keep your business bank account secure
If you operate a small business, you likely run online transactions. Have you taken a moment to evaluate your cybersecurity strategy? Consider that during COVID-19, many businesses double-downed on their online strategy. This was a trend that was accelerated across industries and government agencies. From digital deposits to support payments, businesses all across Utah increased their exposure to online business banking solutions.
Yet, this movement into the cloud does not come without risk. As more companies adopt digital payments, web-based portals and other online options, new opportunities arise for bad actors to commit acts of fraud. What does this mean for your business? It’s time to invest in new methods of protecting your valuable company and employee data.
1. Enable two-factor authentication.
Two-factor authentication is now ubiquitous in our lives. From our smartphones to other devices, people are now quite used to going through two different levels of security to access their information on just about any device. Generally, 2FA, as it is referred to, requires a password, security token or other kinds of biometric authentication factor, whether it be a fingerprint or facial scan.
2. Don’t rely on weak passwords.
Businesses must ensure their employees use a unique set of strong password credentials. A good way to do this is to substitute characters or actual letters and words. For example, let’s take this weak password “FirstUtahBank” and make it strong by changing it to “F!RsTUT4H34NK.” By turning an “I” into an exclamation mark, a “B” into a 3, and an “A” into a 4, you are adding complication to what would otherwise be an easily picked-off password. Make sure you also mix in upper and lowercase letters.
3. Never share your information.
Whether you based are in Salt Lake City, Lehi, or elsewhere, bad actors can come for you. Hacking is location-agnostic. That’s why your employees must be very careful about who they share their information with. Be very careful about what is shared on social media. In many cases, an employee may think they are sharing something harmless, but little do they know hackers can use just about any bit of information to build a psychographic profile about an individual, then use that information to attempt a “phishing attack.” Never email sensitive information and think twice about using public, open Wi-Fi, especially on a work computer.
4. Learn more about the latest hacking tactics.
The best way to learn about a thing and potentially avoid is to get educated. Fraud protection is toothless without proper training. Here at First Utah Bank, we take our role as Utah’s premier business bank very seriously. As such, we are constantly educating our employees and business bankers on the importance of information security and data breach avoidance. There are even resources available to find out if your information has been compromised.
5. Always check your accounts.
It’s easy to get caught up in the day-to-day of running your business and wind up forgetting to reconcile your accounts. You must reconcile your accounts daily. Not only do you want to make sure everything lines up and nothing is missed, but you also want to make sure you haven’t been hacked and suddenly a huge chunk of money is gone. You can only spot unauthorized transactions if you are looking at your accounts regularly. Fraud actors move very quickly, this way they can get as much money as possible before they are noticed. This is why it’s so important to catch them before it gets to that point.
6. Update your devices.
Unfortunately, there will always be security holes and vulnerabilities in the devices we use. Constant battles are going on between device manufacturers, hackers, companies, and cybersecurity professionals. That’s why it is so important to ensure your devices are consistently updated. In many cases, device manufacturers will include critical security updates to prevent hackers from accessing your or your employees’ devices. And if you ever suspect you do have malware on a mobile device or work computer, make sure you immediately contact your internal IT department as well as your financial institution.
No company wants to be the victim of a compromised business bank account. But if it does happen to you, ensure you or your employees immediately reset your passwords and contact your financial institution right away. They will be able to support you through the process of getting you back on track.
Here at First Utah Bank, we are used to dealing with situations like these. We have business banking and business checking customers all over Utah. We know how to respond quickly and effectively. Protecting our customers’ financial information is part of what we do. Want more information about a bank that has your best interest in mind? Contact us today at 801.308.BANK (2265).