For companies of all sizes, business account fraud can be devastating. So what protective measures can businesses put in place to protect their accounts? Bank account fraud can take many forms, so the first line of defense is knowing what to look for and what’s considered a standard procedure to handle fraud in a business environment. Your small business may be vulnerable even to routine actions like opening emails or visiting websites. Realizing what measures to take for your business can help you or your employees avoid becoming victims of fraud or scams.
Corporate account takeover may result from the infection of business computers with “malware,” or malicious software intended to log keystrokes or steal online credentials like usernames and passwords. Once they have your login credentials for online banking, cybercriminals can quickly drain your company’s bank account. The malware may infect computers through various means, but the results are always the same.
Business account holders have fewer protections, shorter reporting windows, and higher fraud liability than consumer banking customers. For instance, a particular bank may reduce the amount of time a business has to report fraud in an account to just a few days, after which the business will incur the whole loss. Even detecting and reporting a fraudulent ACH (Automated Clearing House) within hours can delay the process of recovering funds in such cases. Banks can also completely renege on some obligations by making minor changes to their commercial banking agreements (those occasional “statement stuffers” that many banking customers throw away without reading). Therefore, in addition to keeping a check and frequently reviewing your business bank accounts, business owners must be aware of their bank’s policies, timelines, and reporting requirements for fraudulent losses before any case of fraud surfaces.
So, what preventive measures should businesses take regarding their bank accounts? Every company should start with their employees; after all, they are accessing the internet and might do non-business activities on the computer without realizing what kind of cyber security issue the business could face. All employees who have access to business computers and information need to be adequately trained to understand and recognize the risks, in addition to having adequate security hardware and software and transparent policies and procedures governing their use.
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Next, ask your bank to provide you with a debit card virtual for safely secured transactions. A virtual debit card is a digital form of a physical debit card. It contains all of the information found on a physical debit card. The bank provides it to the user when they apply for it. With virtual debit cards, you can make purchases, purchase goods or services online, etc., just like physical debit cards. In a bank’s mobile application, users can upgrade their debit cards, set transaction limits, and access various services related to virtual debit cards. Other vital measures you can take to protect your business from cyber fraud are- maintaining the security of your account and learning more about bank security, shielding your computer from malware attacks by installing antivirus software, and finally, defining who will be an administrator, authorizer or operator which can help you determine how your employees and accountants can access your internet banking account.
