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Protect Your Assets: 3 Steps To Secure Your Commercial Bank Accounts

by Laurie Washington

If you own a business, your banking information is a valuable target for hackers and identity thieves. With access to your commercial banking information, criminals could destroy your business and your finances. Luckily, there are some things you can do to protect your commercial bank account. Here are four simple steps you can take to prevent your commercial bank account from being compromised by criminals.

Protect Your Wire Transfers

If your business utilizes wire transfers, you need to make sure that the process safeguarded against fraud. Criminals can use spyware and compromised banking credentials to fraudulently transfer funds right out of your commercial bank account. The transfers can be so quick that you might not realize you've been the victim of a crime until it's too late.

By utilizing security codes and authentication controls on all of your wire transfers, you can monitor where the money is going and be alerted of fraudulent activity. In order to transfer funds from your account, the person attempting the transfer must know the security codes and authentication controls before money can be removed.

Balance Your Bank Accounts at the Close of Each Business Day

If you're not balancing your commercial accounts on a daily basis, you could fall victim to fraud. Identity thieves and hackers only need a short window of opportunity to wipe out your bank account. By reconciling your accounts at the close of each business day, you can monitor the funds that are moving in and out of those accounts. That information will allow you to notify the bank quickly enough to prevent significant damage to your commercial accounts. It's also a good idea to set up online alerts through your commercial banking institution. The alerts will notify you of any suspicious banking activity.

Avoid Phishing Expeditions

When it comes to commercial bank accounts, phishing expeditions can be catastrophic. Identity thieves will send out emails, designed to look like ordinary business emails. They may even look like emails you've received before. However, phishing emails will request vital information, such as your SSN, EIN, or your bank account information. It's important that you train your employees to avoid any emails that request vital business information.

If you own a business, you need to protect your bank accounts. Use the information provided here to ensure that your commercial banking information remains safe and secure. If you have questions or concerns about the security of your accounts, be sure to speak to your account representative.