Protect Your Business Finances Online

Over the last decade, businesses have increased engagement with online banking services for everyday operations. While there are many conveniences and benefits with digital services, business owners must also contend with the inherent risk of cybercriminals seeking to commit fraud.

When your company’s financial information becomes compromised, your business can suffer more than just monetary losses; it may also lose the trust of your customers, business partners and employees. To help minimize the potential for these losses, adopt a security-first business model, wherein an additional layer of mindfulness regarding cybersecurity is placed on existing internal processes. Below are a few simple actions your business can take to enhance the security of online banking accounts and minimize the risk of fraud.

Enable automatic notifications

Nearly every financial software or tool is programmed to give users the ability to receive security alerts. Enrolling in automatic alerts can keep you informed of activity on your account(s), such as when someone accesses your account, completes a transaction, transfers funds or makes security changes, like updating a password or contact information.

If you receive an alert for unauthorized activity, it may be a sign of cybercrime. By acting swiftly to shut down suspicious activity, you can significantly lower your company’s risk of detrimental loss and defend against security breaches.

Review and maintain accounts

Implementing procedures to monitor the activity of your company’s accounts can be a great way to catch fraud early. Consider setting a schedule and assigning a trusted team or specific employees to regularly review statements. With routine reviews, it will be much easier to spot irregular activity.

Trustmark offers account reconciliation services to help you maintain a clear view of your accounts and help further safeguard your business from fraud. You can also use tools like Automated Clearing House (ACH) Alerts, Positive Pay and Reverse Positive Pay to reduce potential fraudulent activity and further protect your accounts and business. Visit our Cash Management Services page to learn more about available reporting options and how you can better monitor your business transactions.

Manage passwords

Online banking platforms have built-in cybersecurity measures, such as requiring a password to access an account. Having a strong password can help safeguard your business against a breach in security and protect your company’s financial data and other types of sensitive information. A few rules of thumb for creating a strong password include:

• Requiring passwords to be at least 12 characters and have a combination of numbers, symbols and lower-case and capital letters.
• Avoiding commonly used passwords like “qwerty” or “password”.
• Encouraging employees to use a different password for every account.
• Updating passwords every few months.

Your business may also benefit from using multi-factor authentication (MFA), which requires a password along with another identification step. Popular MFA methods incorporate your employees’ mobile devices to enable push notifications (sending a confirmation code) or bio-recognition, like a face or fingerprint scan. Adding any additional authentification requirements can significantly enhance the security of your accounts.

To learn more about Trustmark’s online banking services and how you can protect your business, visit our Business Online Banking page or contact our Corporate Treasury Services team.