Small businesses are targeted because they frequently do not take enough precautions. They typically lack separation of duties, do not reconcile accounts monthly, do not perform background checks on new hires, fail to install antivirus software, or have no safeguards in place at all.
Help protect against payment fraud by taking advantage of the following banking solutions:
SECURITY FOR ONLINE BANKING
Secure logins - Create a unique login ID and strong password. Ensure that secure ID tokens and passwords are changed periodically.
Firewalls - Should be installed on all computers to help protect against criminals who want to delete and steal confidential information.
Up-to-date browsers - Set up automatic updates on your computer to keep your internet browsers up-to-date. Confirm your banking session is encrypted for protection against fraud and theft.
USE OF CUSTOM CHECK STOCK
Custom check stock provides increased security through features such as holograms, heat-reactive ink circles and fiber security weaves. These features can discourage counterfeiting and make it difficult to copy or duplicate checks.
AUTOMATED CLEARING HOUSE (ACH) SERVICES
ACH services are an electronic means of conducting financial transactions. Controls over how and when you make payments can be increased by utilizing these services. Most banks offer enhanced protection for ACH transactions, such as ACH blocks. Blocks can be used to filter out unauthorized business transactions. A business selects the criteria to block certain ACH debits (i.e. setting dollar limits for single transactions and limits to aggregate daily transactions) and the bank won't process transactions which do not comply with the criteria.
POSITIVE PAY SERVICES
With Positive Pay, transactions are reviewed against a list of approved payments that you provide to the bank. If the payment is not on that list it simply doesn't get paid.
For additional information regarding this topic, please contact your local UHY LLP professional.
You're Invited! Not-For-Profit CFOShare
Tuesday December 10, 2019
4:00 PM - 6:00 PM
You're Invited! Annual Accounting & Business Conference
Wednesday December 4 2019
Hosted at the MSU Management Education Center in Troy, MI
You're Invited! Construction Update
Thursday November 21, 2019
Detriot Athletic Club
241 Madison Avenue
Detriot, MI 48226