How To Protect Your Business Bank Account From Fraud

Becoming a victim of fraud is a concern for both individuals and business owners alike, especially in light of the incredible advancements in technology used by cybercriminals. With the proliferation of the internet, information and data is now being shared far more broadly, which, in turn, creates a great deal more risk.

Thus, while information sharing has been incredible for global communication and business in general, it’s also created a lot of opportunities for criminal activity.

So, if you’re a business owner or a high-up executive, the biggest question is how you can properly protect your bank account from fraud and any other criminal activity.

Unfortunately, there’s no easy, foolproof way to ensure that you never become the victim of cybercrime, but there are several precautions you can take to try and protect yourself and mitigate the risk as much as possible.

What Makes a Business Vulnerable to Cybercrime?

There are certain things that make businesses and specific industries more vulnerable than others, including the importance and value of the data involved as well as the security protocols that the businesses follow.

Based on previous targeted attacks and other related research, the most vulnerable industries are manufacturing, finance, insurance, energy, healthcare and pharmaceuticals.

But, if you’re a business owner operating within one of these industries, how can you avoid becoming the victim of cybercriminals?

Tips for Avoiding Bank Account Fraud 

Nobody wants to hear it, but all businesses are susceptible to fraud, especially these days. Cybercriminals are able to adapt their strategies and methods swiftly as businesses introduce new systems, products and services. This makes it nearly impossible for anyone or any business to be completely protected against any and all cybersecurity attacks.

But, having said that, there are still some really important things you can do to keep your company and your data as secure as possible.

Protect Your Bank Accounts

Separate your personal and business finances. It’s not a total necessity to do this under general circumstances – that is, for business or legal reasons – but it can be a good idea when it comes to protecting your finances.

If, for instance, your finances are kept together and hackers or scammers manage to gain access to your account, that means that both your business and personal funds are at risk. However, if they’re separate, fraudsters can’t necessarily gain access to one via the other.

Other things you can do include checking your bank’s settings for things like automatic logout settings and other emergency protocols. To keep tabs on employees, create a well-monitored reimbursement policy for employee expenses and keep a close eye on employees in case they exceed spending limits and such.

Another good idea is to handle bills online to avoid having paperwork lying around the office – this will help the wrong people from seeing private banking information by accident.

Do Employee Background Checks

When you’re hiring employees, you need to make sure you’re bringing in people that are both qualified and you can trust. Not only should you be checking their work history, but it’s always a good idea to do a background check – you never know what you might find.

Normally, it’s an easy process that can be conducted via a company that’ll do the research and check-up process for you. Of course, you’ll need permission from the prospective employees to do the checks, but that shouldn’t be too difficult.

Keep Your Computer Systems Safe

As we’ve all seen in the movies, hackers are great at breaking into computer systems, but they can’t always get in  – especially if you have a good firewall in place to protect your company data. Of course, antivirus software is a great way to detect and prevent breaches early on.

Set up strict protocols that require employees to make passwords that aren’t easy to decipher, and ensure that they change them and create new passwords every 60 to 90 days.

Of course, creating backups on a regular basis will help you keep your data safe, especially if you store it all offline. That way, you should be able to restore your files if anything bad happens.

Create Secure Means of Entry

A good way to keep your business safe is to implement a secure entry system that’ll help you keep unwanted visitors out. Sometimes, the best way to do that is to use key-card systems or biometrics to programme which employees can and can’t go come and go.

Managemet can limit access to specific areas, allowing only certain people in. For example, you can programme the system so that only top IT managers and executives can get into the server room. Doing this will help keep sensitive areas safe and it’ll also give you peace of mind.

Buy Insurance

Last but not least, always take out insurance. All these other methods are great and helpful, but they’re not foolproof. And when you’re dealing with your business – including its assets and finances – you don’t want to risk everything.

Insurance can protect you from several different types of attacks. ID theft insurance is great to have in the case of fraud as it’ll allow you to continue your business practice to a certain extet (depending on your policy). There are also other types of insurace that are specific to fraud that are owrth looking into.

Of course, it all depends on where you’re located, what kind of business you own and what your financial situation is. But no matter what, it’s always a good idea to consider insurance.