Our business and personal lives seem to be getting progressively more digital. Many companies rely on the internet to restock inventory, pay suppliers, and perform most of our banking activities.
The coronavirus crisis boosted this trend, forcing branch closures and limiting face-to-face banking options. Yet, this appears to be more than a temporary blip. According to a recent survey by Novantas, only 40% of customers said they would return to in-person banking following the pandemic.
With online business banking on the rise, cybercriminal activity will likely follow suit. It’ll take a coordinated effort between your bank’s anti-hacking technology and your alertness to safeguard your funds effectively.
How Do Hackers Get Access?
Due to the numerous ways cybercriminals can access your information, you and your bank will need to fight this battle on multiple fronts to win the war against security breaches.
- Unsecured Wi-Fi — Free Wi-Fi connections are provided as a convenience in many restaurants and retail shops. While many are secure, hackers sometimes establish fake networks as bait. When you log in and use a compromised connection for your banking transactions, the hacker can access your device or monitor your keystrokes.
- Third-party mobile apps — Some hackers create fake, real-looking apps loaded with malware that allows them to gather your sensitive information. If you download your banking app from an app store rather than the official version directly from your bank, you may face security issues.
- Phishing — Phishing involves spam email that is designed to look like it came from your bank. The message may instruct you to confirm critical banking data like your account number or password by clicking on a link in the email. You click on the link thinking this information is going to your bank, but instead, it goes to the hacker.
- Bank system loopholes — Some hackers focus their attacks directly on the bank’s data systems. After discovering a security loophole, they’ll attempt to breach the weakness to gain access to your information. With your data in hand, they might remove cash from your account or engage in identity theft to open new accounts in your name.
How Banks Protect Customer Security
Institutions that offer online and mobile banking will likely have extensive security measures in place to protect your information and your funds. Each time a breach is successful, new safeguards are developed to prevent further hacking.
Standard bank security measures include:
- Firewalls and antivirus programs — Firewalls and antivirus programs are designed to protect bank computers from unauthorized access.
- Fraud monitoring — Fraud monitoring sends up a warning when fraudulent activity is detected in your account.
- Website encryption — Website encryptions scramble your data, so hackers are unable to read it.
- Multifactor authentication — Multifactor authentication requires you to provide identifying information each time you log in.
Unfortunately, because the payoff is so great, hackers constantly work to stay one step ahead of these protections. That’s why you must do your part as well.
How You Can Help Secure Your Online Business Banking Activity
Follow these tips to help ensure your online business banking account remains secure:
- Avoid banking on public Wi-Fi — When logging onto your bank account for any reason, disconnect from public Wi-Fi networks. Though encryption helps thwart attackers, it is not foolproof.
- Change your passwords often — Create complex passwords, change them regularly, and avoid reusing passwords across multiple websites.
- Use anti-virus programs — Anti-virus software companies offer programs that create firewalls, monitor your device for malware, and regularly update to combat new threats. They can block attacks and notify you if hackers are viewing your information.
- Be wary of email links — Even if the message appears official, there is a chance that hackers are behind it rather than your bank. Avoid clicking the link to investigate. Go directly to the bank website or call their customer service number to ask about the email’s legitimacy.
- Monitor your accounts closely — If there is a breach, you’ll want to report it as quickly as possible to minimize damage. Log in to your accounts often to check for unauthorized activity. Set up text and email alerts so that your bank can notify you about large transactions or if your balance drops below a specified amount.
Balancing the Risks and Rewards of Online Banking
Although online banking comes with inherent risks, the potential for loss is generally outweighed by the many benefits. With online banking, you can conveniently:
- Deposit funds.
- Transfer money.
- Send payments to vendors.
- Monitor your balances and activity.
If a thief manages to siphon cash from your account, some banks will investigate the loss and replace your funds. Yet, this is not sanctioned under the law for business accounts the way it is for personal bank accounts.
Be sure to check in with your bank regarding their specific loss mitigation policies.
Security and Your Revenued Business Card
At Revenued, we take the security of your financial data seriously. When accessing your Revenued Business Card portal, look for the Secure Socket Layer (SSL) encryption padlock or key icon on your browser. This ensures the SSL certificate technology is being used.
When you log in and perform financial transactions, your information is further encrypted using our 128-bit secure browser. Revenued also subjects its systems to periodic security audits.
Ready to Learn More About What Revenued Can Do for Your Business?
Contact us to learn more about how we safeguard your information by calling +1 (877) 662-3489 or by adding your info to our secure online form.
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