A recent survey conducted by American Bankers Association confirms that around 73% of American business owners use smartphones to access their bank accounts. And there’s a good reason behind it.
Gone are the days when business owners had to visit banks for routine tasks. Thanks to advanced technology, bill payments, transferring funds, and keeping track of financial information have never been convenient enough.
Businesses continue to use electronic data and several computer networks to conduct their financial transactions. Because of this, cybersecurity is becoming a matter of concern with every passing minute. And that can leave your business vulnerable to data security breaches and privacy violations.
It is needless to say that online banking fraud continues to threaten business owners with huge financial losses.
Unauthorized access to bank accounts and getting the money drained is certainly every business owner’s worst nightmare. Obviously, no one likes to see their hard-earned money being stolen. But there’s an easy way out.
Although banks rely on several security measures such as data encryption to protect their customer’s banking information, there are a number of things you can do to steer clear of online frauds.
Look at the following security measures and shield your business from nasty hackers out there.
Be wary of phishing scams.
Did you know that about 74% of US organizations have been victims of phishing attacks?
That’s a lot!
Phishing or identity theft is one of the most common cybersecurity crimes in the business world. A hacker could use your business’s credentials to launch phishing attacks against other business owners.
One such example of a phishing attack is email scams. The criminals make it look like you got an important mail from the bank forcing you to enter your login information or update your personal information.
But as soon as you enter the information or click on a Malware infected link, it allows the identity thieves to track your browsing pattern and log your keystrokes.
Thus, make sure that you monitor every link you open to steer clear of the phishing scams. Also, don’t share your OTPs or randomly generated codes with anyone because that’s another way to access your online banking information.
Go for unique passwords.
Your choice of passwords is the first line of defense to protect your financial information. According to technical experts, weak passwords can create an opening for hackers.
Believe it or not, 83% of online banking customers use the same passwords for multiple logins. Avoid using your personal information such as name and date of birth as password combinations. Instead, use mixed combinations and special characters and avoid common sequences while setting passwords for your bank accounts.
But hang on! If you are using different passwords for multiple logins, how exactly are you going to remember all of them? For this, you can install a reliable password manager application in your systems.
Pro Tip: If you use Mac for your business operations, make sure that you choose a password manager designed for its operating system. A password manager mac app allows you to keep all your passwords in one place. This means that you just need to remember one password to access the rest.
Use reliable financial apps.
Let’s be honest; financial apps have always been helping with a seamless banking experience.
From transferring funds to keeping track of your financial transactions, everything is on the tips of your fingers.
But are they all reliable enough?
If you are planning to use a financial app to make some hefty transactions on behalf of your business, make sure that it fulfills all the security requirements.
There are innumerable apps out there that are designed exclusively to breach your business’ financial information.
So, make sure that you do your homework before using any financial apps. Look at the ratings and online reviews to get a clear picture of the apps.
Online banking certainly gives you complete control over your business’ financial life instantly. But cybersecurity is a major concern you need to look after to protect your business. Although, the idea is not to boycott online banking but to encourage you to take a careful approach. And that’s where the security measures outlined in this article can come in handy.