In honor of National Cybersecurity Awareness Month, we’re sharing information that we hope you’ll find helpful in keeping your personal data safe, both online and in your every day life.
Most people are familiar with the need to protect their personal information, especially to avoid identity theft. However, protecting your business is just as vital, especially when a compromise can have a cascading impact on customers, employees, vendors and other business partners.
One serious threat to businesses small or large is known as corporate account takeover. This is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll and stealing sensitive customer information that may not be recoverable.
First Financial Bank recommends following these guidelines to keep your business safe:
- Educate your employees. You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices and responses to a suspected takeover are essential to protecting your company and customers.
- Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
- Partner with First Financial to prevent unauthorized transactions. We offer programs that safeguard you from unauthorized transactions. Positive Pay and other services offer call backs, device authentication, multi-person approval processes and batch limits help protect you from fraud.
- Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If detected, immediately contact your financial institution, stop all online activity and remove any systems that may have been compromised. Keep records of what happened.
- Understand your responsibilities and liabilities. Your account agreement with First Financial details what commercially reasonable security measures are required in your business. It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover. Ask us if you have any questions about your responsibilities.
First Financial offers our business banking clients a suite of fraud protection tools such as Check Positive Pay, Check Verification and ACH Positive Pay. Learn more here or call your banking representative for details.