Protecting Your Business

Becoming a victim of fraud has little to do with the size or type of your business. However, you can take steps to protect your business and your reputation.

Reduce Your Risk

If you don’t have formal and documented computer security procedures, your business may be unnecessarily at risk. Establish basic security procedures and controls for your business, and update and distribute them to all employees on a regular basis. Here are some important measures to consider:

Reconcile Transactions: Reconcile all banking transactions on a daily basis.
Dual Controls: Initiate electronic transactions (such as payroll and wire transfers) under dual control; higher-risk transactions, such as wire transfers and automated clearing house (ACH) file transfers should require additional authentication.
Sharing: Prohibit the use of “shared” usernames and passwords.
Passwords: Use different passwords for each website, including social media. Create strong passwords with at least eight characters and that use a mix of special characters and mixed-case letters. Never use your Social Security number of business Federal ID number. Change passwords at least every two months and use multi-factor authentication if you can.
Educate: Educate both employees and customers on best practices for information security.
Links: Use extreme caution when accessing websites from a link in an email, especially if personal information is requested.
Email: Do not include personal or sensitive data in response to an email. Do not send emails to your business clients from your personal computer at home.
Red Flags: Be suspicious of emails appearing to be from financial institutions, government agencies or other organizations requesting account information, account verification or banking-access credentials.

Safeguard Your Business Information

One of the most important things you can do is safeguard your private business information as well as financial data and client information. Here are some practical tips to help you do just that:

Software: Use firewall, antispyware and antivirus software to protect your office computers (and keep this software updated).
Update: Ensure virus protection and security software are updated regularly to keep your protection current and effective.
Vendors: Never share usernames or passwords with third-party vendors. Consider vendor confidentiality agreements.
Admin Rights: Limit administrative rights on employees’ workstations.
Banking: Never access bank, brokerage or other financial services information using public WiFi, as harmful software may have been installed to capture login information, leaving you vulnerable to potential fraud. In addition, make sure your browser is operating in a secure session (indicated in the web address bar by “https”) and don’t leave a computer unattended.
Auto-Fill: Avoid using automatic login features that save usernames and passwords for online banking.
Social Engineering Tests: Consider conducting simulated attacks to test how well your employees detect and react to different attack techniques used by cybercriminals.
Documents: Shred financial documents and paperwork containing sensitive information before being discarded.

Monitor Your Accounts

Review financial accounts and billing statements frequently, and be alert to red flags that require immediate attention, such as:

Bills that don't arrive as expected.
Unexpected credit cards or account statements, indicating a possible redirect through a fraudulent address change request.
Denials of credit for no apparent reason or for which you have not applied.
Calls or invoices for purchases your business didn't make or for which no record exists.

Contact your personal banker right away if you suspect anything out of line with your normal business practice and transactions.

Learn more about identity theft from the Federal Trade Commission.

Check Your Credit Reports

Review your business’ credit report carefully and often. Each major credit reporting agency is required to provide you with a free copy of your credit report every 12 months, upon request.

Look out for credit inquiries from unfamiliar companies, accounts that you never opened and unexplained debts — all of these are warning signs of fraud and identity theft. Order your free annual credit report or call toll-free (877) 322-8228.

Use Our Digital Tools

Our Business Online Banking platform allows you and your team to conduct transactions, set up customized alerts and run reports on your activity.

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