Criminals often target small business accounts for cyber-attack because larger businesses have better security and personal accounts are too miniscule. Prevent account fraud by being aware of the latest security safeguards. Here are some things to keep in mind.

Implement Security Software

To guard against cyber fraud, install up-to-date anti-virus and firewall programs in all computers, tablets, smartphones and other devices. Back up all important data at least daily. Only choose a cloud storage provider that has strict security protocols. Be prepared with an emergency plan in case of any security breaches.

Accept Only Authorized Transactions

Set up your payment system to accept transactions only from devices that have been pre-registered. Alternatively, set up a payment system that recognizes only specific geographical locations.

Use a Two-Step Log-In System

Most online bank accounts are accessed by typing in a username and password. To further protect your account from fraud, enable a two-step log-in system. This involves first entering the standard username and password, and then entering a single-use security code that you receive by email or phone. The security code expires a short time after it is sent, making it difficult for cybercriminals to access it.

Train Your Personnel

Cybercriminals take advantage of off-guard employees performing normal business routines to commit fraud. Train your staff to watch for suspicious links in emails and to open files only after running security scans. Do not allow them access to business computers for personal use.

Guard Against Internal Fraud

To prevent unscrupulous employees from committing fraud from inside your business, run thorough background checks on all personnel who handle finances. Divide the duties of setting up and approving payments between different employees. Use an automated inventory program, and run periodic checks to uncover possible theft. Have your assets audited by someone from outside to ensure impartiality and a fresh viewpoint.

Awareness of possible weaknesses and constant vigilance are the best defenses against small business fraud. For advice on all aspects of small business finance, contact Davis Commercial Finance.