Identity Theft Protection: Preventing Criminals From Getting into your Business Systems

Identity Theft Protection: Preventing Criminals From Getting into your Business Systems

Business identity thieves are smart and determined and they can take advantage of businesses which don’t take precautions for protecting their business. Here are some proactive actions that businesses and their people can take in order to help in preventing the leak of business information.

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Enact Authentication and Security Controls

This can protect your business against fraudulent electronic transactions and wire transfers. Electronic payment and wire transfer fraud are major threats to a business. Compromised banking credentials and spyware allow criminals to initiate fraudulent transfers and payments out of the bank account of a business. As such transactions can take place quickly, businesses usually catch the fraud a little late. In case your business makes use of wire transfers, make sure you implement dual controls which require the approval of two parties for outgoing wire transfers. If wire transfer is not used, inquire with your bank to know if you can limit, filter or block wire transfers.

Monitor and Reconcile Business Accounts Every Day

Reviewing your accounts frequently and reporting suspicious transactions right away will minimize the liability of your business and possible fraud losses. Internet banking enables you to log into your bank account and have a view of your business account balance as well as transactions. Also, a lot of banks offer text and email alerts on your account activity that can help in alerting you in case of suspicious activities.

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Consider Security Every Time you Access Your Accounts in the Internet

It is imperative to access your banking and financial accounts online using a secure and dedicated computer which maintains updated commercial anti-spyware, anti-virus and internet security software. Never depend upon limited or free versions of security software. You should not let anyone use the computer you use for accessing our accounts. Use complex passwords that others cannot easily guess. They should have at least 8 characters and include a combination of lower and upper case letters, numbers and special characters.

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Be Wary of Phishing Scams

Phishing email scams are meant for tricking businesses and their employees into revealing confidential business as well as personal account information. Legitimate financial institutions and government agencies don’t require businesses to give or verity such information through email communication. In case of a receipt of such emails, the fraud department of your bank must be notified. Never respond to it and don’t open any attachments in the email or click on the link. If you do so, you will open connection to a fraudulent site which may install spyware on your computer. If you want your business to e protected from identity theft, consider using ID theft protection services like LifeLock. The service sends you alert on any suspicious activity and fraud.

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