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20 Tips to Prevent Business eBanking Fraud

Image - 20 Tips to Prevent Business eBanking Fraud

We wish it wasn’t true, but we see fraud or attempts to commit fraud daily. It seems the scams never end. Making sure your business is protected from hackers and scammers isn’t that hard if you put a few best practices into place for all of your staff with access to your online banking accounts.

User ID and Password Guidelines

  • Create a “strong” password with at least 8 characters that include a combination of mixed case letters, numbers, and special characters.
  • Change your password frequently.
  • Never share username and password information with third-party providers or other employees.
  • Avoid using an automatic login feature that saves usernames and passwords. There are several excellent mobile apps which help you keep track of your passwords and log in IDs.
  • Set-up and utilize 2-factor authentication whenever possible for additional security.

General Online eBanking Guidelines

  • Do not use public or unsecured computers for logging into Business eBanking.
  • Review account balances and detail transactions daily and immediately report any suspicious transactions to your financial institution.
  • Do not use account numbers, your social security number, or other account or personal information when creating account nicknames or other titles.
  • Never leave a computer unattended while using Business eBanking and always log off properly to close the connection.
  • Never conduct banking transactions while multiple browsers are open on your computer.
  • Establish limits for monetary transactions at multiple levels: per transaction, daily, weekly, or monthly limits.
  • Ask your bank to put spending limits on business debit cards as an added protective measure.
  • Be cautious when using a wireless network and make sure you have a qualified IT person set up WPA or WEP Encryption.

Tips to Avoid Phishing, Spyware and Malware

  • Never respond to a suspicious email or click on any hyperlink embedded in a suspicious email. Opening file attachments or clicking on web links in suspicious email could expose your system to malicious code that could hijack your computer.
  • Install anti-virus and spyware detection software on all computer systems.
  • Update your computers regularly with the latest versions and patches of both anti-virus and anti-spyware software.
  • Install a dedicated, actively managed firewall to limit the potential for unauthorized access to your network and computers.
  • Business eBanking does not use pop-up windows to display login messages or errors. They are displayed directly on the login screen.
  • Be advised that repeatedly being asked to enter your password/token code are signs of potentially harmful activity.
  • Being asked challenge questions if your computer was previously registered is a sign of potentially harmful activity.

McHenry Savings Bank is committed to our customers and our community.  For additional information on protecting your personal identity, visit our Resources Page to learn more about Fraud & Scams to Protect Yourself and Your Money. Be sure to follow us on Facebook, Instagram , LinkedIn and Twitter and if we can be of any assistance, please reach out at (815) 385-3000.