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.

Here are a few account controls every business owner 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 Washington Trust Can Help
Our Cash Management team can help your business reduce risk. Please call us at 800-475-2265 for information relating to your specific situation.