What are some security measures that a small business should take with their banking?

Small businesses are often the target of bank fraud; in fact, the Ponemon Institute found that 56 percent of businesses experienced a bank fraud attack in twelve months between 2010 and 2011. Of those that experienced fraud, 61 percent were victimized more than once. To avoid being a victim of bank fraud, follow these steps:

1. Formulate a strict payment process with your bank and employees. For example, one employee creates a payment, and another employee authorizes it. 2. Ask your bank for two-factor authentication. This way, you will need something you know (your username and password) and something you have (a one-time password or other kind of security token) to gain access to online banking 3. Dedicate a computer or two to online banking. Often, online banking fraud occurs after a company employee accidently installs a virus or malware onto the computer. Having separate workstations for online banking can help create a controlled environment. 4. Be certain that your anti-virus and other security software is up to date. 5. Review your accounts every day. By monitoring accounts daily, you will immediately see suspicious activity.

See also, “How can I protect myself while banking online?

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