3 Ways to Protect Your Small Business from Bank Fraud

bank-fraud

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:

  1. 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.
  2. 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.
  3. Device identification and geofencing.  Get a payment system that only allows transactions to occur from recognized, registered devices.

 

Source: http://www.businessnewsdaily.com/5419-prevent-small-business-bank-account.html

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