Today, I'm going to share the shocking truth about bank fraud with you. Did you know that your company bank account simply doesn't have the same protections as a personal bank account when it comes to fraud? If a hacker takes money from your business account, the bank is not responsible for replacing it. Don't believe me. Go ask your bank what their policy is on refunding money stolen from your account. Many people erroneously believe that the FDIC protects you from fraud. It does not. It protects you from bank insolvency.
Here's three tips about things you should immediately take care of to help.
- Set up two factor authentication for log in to all your bank accounts
- Purchase a crime policy that covers funds stolen due to cyber attack, fraud or phishing attack.
- Require your bank to get verbal confirmation from you to approve wire transfer of funds
- Set up alerts for large checks or debits the draft from your account.
