Tips to Safeguard Your Business’ Banking Information Online
In the past few decades, the world has gotten more digital in almost every sphere or aspect, including businesses. Almost every business in today’s digitally-driven world has an online presence in the form of a dedicated website or online portal.
In fact, the majority of most businesses’ daily work and functioning happens online, including transactions and other money-involved activities.
However, despite bringing convenience and ease of accessibility, the world’s digitization has also brought many security and privacy risks to the mix. For instance, every business that manages dealings in terms of money online faces the risk of its banking information getting leaked or compromised. Therefore, every business should be extremely careful to ensure sensitive information is not compromised, leaked, or hacked.
This article will cover some useful tips following which business owners can safeguard their banking information online. Let us get started:
Opt for Reliable and Secure Financial Applications
Nowadays, most businesses perform transactions online using banking or other financial applications. Although using such apps is a convenient method of managing the business’s finances, users need to ensure that the app they use is trustworthy and has all the required security features.
Moreover, when downloading the app, business-associated individuals should make sure that they download the application from the right source. For instance, in the case of a mobile banking app, they should download it from the bank’s official website to ensure credibility and authenticity.
Use a Reliable Password Manager
A password manager is a dedicated application or software that facilitates users to store and manage important credentials for online services. Besides this, some password managers also feature the option to generate strong passwords for users.
Since it is not humanly possible to remember all passwords at all times, especially if they have set strong passwords, people use password managers to retrieve credentials whenever required.
Every business, including small ones, which manages its financial dealings online using net banking facilities or other web-based services should use a password manager for storing and retrieving passwords whenever required.
Fortunately, numerous password managers are readily available for all major platforms and operating systems.
For instance, some excellent password manager for Mac and iOS that are readily available include Secrets, Step Two, Lastpass, 1Password, etc. Similarly, businesses using Windows-powered devices can choose from options like Dashlane for Business, Zoho Vault, Bitwarden Teams, etc.
Monitor All Bank Accounts Regularly For Unauthorized Activities
One of the best features of Internet banking and other online financial applications is that they allow users to check their bank account’s statements easily. This allows them to keep an eye out for unauthorized transactions, including unaccounted withdrawals, suspicious deposits, etc.
Therefore, every business owner or individual who manages their business’s finances online is advised to actively monitor the statements of all bank accounts associated with the business regularly to ensure they do not miss out on any suspicious activity. Moreover, if they suspect something is wrong with the financials when checking statements, they should immediately contact the concerned bank or financial outlet to get the issue resolved.
Make Using Two-Factor Authentication Compulsory Throughout the Organization
According to Tech Target, Two-factor authentication or 2FA refers to a security process wherein users are required to provide two separate authentication factors to verify their identity, i.e., prove that they are the ones who are trying to access their account or information on a website or portal. Every individual who owns a business must implement compulsory use of two-factor authentication throughout the organization.
They should ensure that any individual associated with the business must prove their identity whenever they access the business’ bank accounts or any other related financial outlet. To benefit from 2FA, the head or owner of the business should contact the concerned bank or credit union and request access to the security feature.
Use Reliable Internet Connections
There are tons of countries around the globe that have set up free Wi-Fi networks in multiple cities to make it convenient for citizens to access the Internet whenever required. Although using public Wi-Fi networks is great for people wishing to upload social media stories or posts, it is a security nightmare for many people, including business owners, especially those who manage the company’s online transactions, since it involves many risks
Therefore, individuals managing a business’s finances are strictly advised not to use public Wi-Fi networks, primarily for sharing bank details and making transactions. Moreover, they should avoid using any Wi-Fi network or Internet connection that does not seem secure enough to facilitate online transactions. Only if they know that a connection is secure should they use it to perform any finance-related online task or activity.
Internet banking and other Internet-powered banking methods allow people, especially individuals who own or manage a business’s financials, to get things done seamlessly. However, they should keep the aforementioned tips in mind to safeguard their business’s banking information online.