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Ways that Utah business banking customers can safely use their money online

The warning came from across the sea, but with the way that international banking business goes these days, it was one that was heeded in the United States, including by banks in Utah. In January, the National Cyber Security Centre (NCSC), which operates in the United Kingdom, sent a worldwide warning to anyone who uses Windows 7 to not use their device or computer for banking or anything else that requires account access.

The reason? According to a Forbes magazine report on NCSC’s warning, Microsoft, which administers Windows, is putting the program on its 10-year end-of-life cycle, which means that they won’t offer support anymore, which means that it is more vulnerable to hackers who want to steal information or funds.

No matter what takes place in the cyber universe, there are ways that everyone can make sure that they can safely bank either on a mobile device or a home computer, whether the software in use is old or new. We’re going to share some expert advice on that, as well as give more information on one way that First Utah Bank can also help with your business’ security: our treasury management services.

More on the Windows 7 concerns and what you can do

The Forbes article points out that Windows 7 was one of the most popular iterations of the platform, and still held a 32 percent share of the Windows desktop market as of 2019. Forbes also reports that a majority of users in China are still using Windows 7.

The easiest way to solve this issue, according to the report from the NCSC, is to upgrade to Windows 10 so that security updates are still being supported. Forbes reports that it was still possible as of late January to do so for free, even providing a how-to guide on accomplishing that.

One expert on cybersecurity, Lisa Forte of the company Red Goat, told Forbes that it feels like a similar scenario when Windows XP reached end-of-life, and it became a popular target for cyber attacks. “Continuing to use Windows 7 will make you a lot more vulnerable to viruses and your data being compromised,” Forte warned.

Ways you can stay cyber-safe with your banking

The national radio news show hosted by tech journalist Kim Komando has a website that also offer tips for consumers on cyber security. In one story, the site offers tips for online and mobile banking in order to protect yourself from potential hacking. Here’s a look at some of what the site suggests:

Great passwords. 
Make sure the ones you use aren’t too easy for a seasoned cyber criminal to figure out. Instead of using actual words, consider a system of letters — both capital and lowercase — along with symbols and numbers. It’s best to not use common phrases. Also, change up the password every 90 days.

The factor of 2s
. Using two-factor authentication is one way to add an extra protection for your information against cybertheft. Two of the more popular ways it’s used is by sending you a text or email with a code to then log into the site, or the use of a personal question that only you know how to answer.

Go on lockdown. 
If you primarily use a mobile phone for banking, be sure to use its security codes, such as unlocking with a PIN or using thumbprint recognition. This is a great way to prevent it from being used if it’s lost or stolen.

Get with the app
. The article recommends that you download the bank’s mobile app, as they are commonly better encrypted than websites. It’s important, though, that you install updates frequently if you use such apps.

Keep good tabs. 
It’s important to always know where you stand when it comes to your bank statements or account records. To that end, it’s important to check the bank’s site frequently to see what’s happening. If there’s something suspicious in your records, alert your bank as soon as possible.

How treasury management helps Utah businesses

There are some great tools available for many of the key areas of business banking, and as your hometown lender, First Utah Bank can give you the keys to support with our treasury management program.

Among the tools we can provide are help with statements and monitoring balances. There’s also Positive Pay, which helps protect against check fraud. We can also work with you for wire transfers, remote deposits, ACH transactions and account transfers in a safe manner that protects your assets.

Treasury management also includes ACH Origination Services for payroll or accounts receivable, a tool to make remote deposits, granting controlled access of business accounts to employees, and exporting transactions into programs such as Quicken or Direct Connect.

Read more about how treasury management services can be a boon for your business and give you the security you need at firstutahbank.com.