Did you know that federal regulations that protect financial accounts from fraud only cover personal accounts? If your business bank account got hacked by a cybercriminal or untrustworthy employee, there’s a good chance you’d never see that money again. Here are three ways to protect your business bank account:
- Two-step logins. It’s a good idea to set up two-step out-of-band authentication, whereby a single-use code is sent to your phone or email for you to enter after you input our login credentials. Even if a hacker intercepts that code, it will expire shortly after it’s sent, and your account will remain protected.
- Separation of duties. You can limit the chance of fraud by separating transaction duties. Make sure the person who sets up a payment isn’t the same person who approves it.
- Device identification and geofencing. Get a payment system that only allows transactions to occur from recognized, registered devices.