E-Theft of Funds

Protecting Your Business from E-Theft of Funds: What You Need to Know

As technology continues to become a more integral part of day-to-day operations, the threat of e-theft of funds becomes increasingly real for small businesses. Although this type of fraud can be difficult to detect and stop, there are certain precautions that can help entrepreneurs protect their assets from online criminals. 

One way business owners can guard against e-theft is by utilizing two-factor authentication procedures on financial accounts. This means requiring two levels of security in order to access or transfer money. For example, a person might need both an account password as well as an email address verification code before they could complete the transaction. By forcing an extra step, business owners can reduce the risk of fraudulent activity.

In addition to adding extra steps into financial operations, companies should be sure to use secure payment processors when accepting payments online. Many payment gateways offer encryption protocols which scramble credit card and other sensitive data so that it cannot be intercepted during its journey across the internet. Businesses should also make sure their computers are up-to-date with the latest antivirus software as well as firewalls and spam filters that can help identify and block malicious requests attempting to gain access to their systems.

Finally, it is important for small business owners to pay close attention to their accounts and look out for any suspicious activity such as unauthorized transactions or withdrawals. If something looks out of the ordinary, contact your bank or credit card company immediately so they can investigate further and take necessary action if necessary. 

E-theft of funds is an ever present danger in today’s digital world but with a few simple steps companies can greatly reduce their risk of experiencing economic loss due to cybercrime. Establishing strong security protocols, using reliable payment processors and staying vigilant when it comes to managing finances can all go a long way toward keeping money safe from unwanted hands.