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Better Business Bureau ®
Start With Trust®
Hawaii
Five Steps to Protecting Your Business When Banking Online
August 06, 2010
laptop-computer-with-lock-image-on-screenOnline banking has made it easier and more convenient to manage business finances, but it also provides an opportunity for hackers to gain access to business accounts with the goal of making unauthorized money transfers. BBB recommends small business owners implement a few simple steps to keep their financial information and transactions secure when banking online. 
  1. Initiate a "dual control" payment process with your bank and employees. Ensure that all payments are initiated from your bank accounts only after the authorization of two employees. One employee will authorize the creation of the payment file and a second employee will be responsible for authorizing the release of the file. This process should be in place regardless of the type of payment being initiated, including checks, wire transfers, fund transfers, payroll files, and ACH or other payment methods.
  2. Have dedicated workstations.
    Restrict the use of certain workstations and laptops solely for online banking and payments, if possible. For example, a workstation or laptop used for online banking should not be also used for Web browsing or social networking.
  3. Use robust authentication methods and vendors.
    Make sure your financial service providers allow for "multi-factor authentication." This means that you need more than just a user name and password to access your account.
  4. Update virus protection and security software.
    Ensure that all anti-spyware, anti-malware, and security software and mechanisms are robust and up-to-date for all computer workstations and laptops used for online banking and payments. Implement a process to periodically confirm they remain up-to-date. Security patches are often available via automatic updates.
  5. Reconcile accounts daily.
    Monitor and reconcile accounts daily against expected credits and withdrawals. If you see any kind of unexpected activity on your account, notify your financial institution immediately.

Small business owners can get additional advice and tips on improving data security with BBB's Data Security—Made Simpler.