Here are 16 Tips to help protect your business:
-Cancel your debit cards; If you require deposits, get a deposit only card for employees.
-Have separate accounts for separate functions – i.e. sales tax account.
-Have a dedicated PC for online banking and DON’T use that PC for accessing any other web sites, e-mail access, social media sites or for downloading files and applications
-Sign up for Electronic Bill Pay – avoid checks
-Sign up for e-mail alerts from your bank whenever a withdrawal over $100 happens.
-Require YOUR signature for any wire transfers.
-Have your money spread out in multiple accounts to minimize the risk.
-Review your banking alerts and authorized users on a regular basis; recommend quarterly
A) Review alert notifications
B) Set limits on transfers or daily withdrawals
C) Separation of duties – view only, move deposits only, authorized bill pay account
-Consider Positive Pay or ACH Fraud Filter Services
-Request Employee credit cards with embedded chip
-Check account balances daily and report unusual activity
-Set daily limits on Point of Sale transactions for employee credit cards
-Go paperless on bank statements
-Review ACH Account settings
-Employee Training (ongoing is best):
A) Don’t email bank statements, copies of checks, credit card statements, to banks, outsourced finance/CFOs, CPA firms
B) Verify unusual transactions or amounts
C) Call and verify (not number in email); call main banker
D) Banks don’t request personal information via email or text
-Review transactions daily
If you have not sat down and reviewed your online banking controls and authorizations, we recommend you have a meeting with your banker to review and ensure that you are protected.
If you have any questions or if we can help, please give Jennifer a call at 678-745-5109 or email firstname.lastname@example.org.