Online Banking Security For Businesses
As they say, “it’s a jungle out there”. Even for those of us who keep up-to-date with system upgrades and follow safe practices. The “bad actors” are working hard every minute across the globe to thwart the latest protections. On top of everything else, it’s important to monitor your accounts frequently.
Account Controls Every Business Should Consider:
- Restrict user access and limits where possible.
- Require multi-factor authentication (MFA) for all systems that support it. Google implemented this security feature and saw successful phishing attempts drop to 0 that year. The concept behind this security layer is the same as the out-of-band authentication GSB utilizes for ACH/Wire Transfers.
- Limit use of admin log in. If the admin will be using the system on a daily basis, consider assigning a separate user name with more restrictive access and limits for daily functions.
- Initiate wire transfers and ACH payments under dual control, with a transaction originator and separate transaction authorizer.
- Review ACH and wire activity logs in online banking at the end of each business day.
- Ensure that all processed batches for the current business day are legitimate.
- Reconcile all transactions on a regular basis. Daily, if possible.
- Consider using account services that may aid monitoring account activity, such as Positive Pay and ACH Positive Pay.
- Use the online banking alert system to be notified of transaction activity or changes in your account.
Ways Gorham Savings Bank Can Help
GSB services can help your business reduce risk. Please call us for information relating to your specific situation.
Fraud Detection and Monitoring. Utilize our online banking services to monitor your accounts – view transaction details and download information into QuickBooks® or other reconciliation programs. You can also set up alerts to receive a daily balance notification. Our ACH and wire systems offer the option to establish a variety of alerts including alerts for completed, failed or modified transactions. Alerts can also let you know if your password or other profile information has changed.
Dual Authorization Within the Business. GSB’s online banking services allows the business online account administrator to set up dual controls. This means that one person might have the ability to set up a transaction but not to submit it. Another person might have the ability to submit, but not to create a transaction.
Transaction Limits. GSB’s online banking allows the business account administrator to set limits for ACH and wire transactions by user. There are daily and aggregate limits. Aggregate limits can be set up to look at different time intervals (weekly, monthly, etc).
Enhanced Control of Administrative Activities. Other administrative controls are available including new-user notifications.
Employee/Customer Education. We are always available to visit your office and discuss risk management, from casual employee discussions to formal Board presentations.
You can’t go very long without reading headlines related to “ransomware” or“malware”- both of which represent large risks to businesses. Keep in mind that the method for getting these malicious files on your network hasn’t changed much. Employees mistakenly clicking on links and downloading attachments are still the go-to for gaining access to your network. Keeping software patches up to date is key, as is consistency.
In The Event of Suspicious Activity:
Customer Service Center
(207) 839-4796 or (800) 492-8120
Monday – Friday 7:30AM- 5:00PM
Saturday 7:30AM – 12:00PM
After hours, please call:
ATM/Debit Cards (800) 500-1044
Credit Cards (800) 883-0131