FACT: Your business reputation, money, and data are all at risk of being damaged or stolen every single day!
Let’s further explore the potential of money being stolen or transferred out of your account without your knowledge and/or authorization. You’ve read the articles about computer fraud, funds transfer fraud, alteration or forgery of checks, and so on. All these scenarios leave businesses in a tough spot of having funds gone, sometimes hundreds of thousands of dollars, and not enough cash for immediate expenditures.
How can you protect yourself and your business from this type of situation?
- Buy the right cyber policy:
- But let’s say you have currently decided against that…
- Check with your bank to see if they offer the following protections:
- Debit Blocker (or similar terminology)
- This service mandates that you must personally authorize the list of entities which are able to ACH out of your account.
- Any vendors you have which automatically draft what you owe them would have to be ok’d by you and signed for in person (just once, not monthly).
- This keeps a fraudster from hacking into your account, setting up an ACH to their bank account, and drafting out money without your authorization.
- Debit Blocker (or similar terminology)
- Positive Pay – for your hand written or computer-generated checks
- For each hand written or computer-generated check you must enter online the following which will be matched when the check is presented for funds:
- Check number
- Payee
- Amount (to the penny)
- For each hand written or computer-generated check you must enter online the following which will be matched when the check is presented for funds:
You should consider asking your banker about the availability of these services, especially if you don’t currently purchase Computer Fraud/Funds Transfer Fraud coverage on your crime or cyber liability policies.
For more information on cyber insurance, check out this page: Cyber Liability Insurance.