How to Protect your Business from Online Banking Scams

How to Protect your Business from Online Banking Scams

It’s not always easy to spot a scam and new ones are invented every day. Banks are aware that users of online banking can experience fraudulent activity due to their computers being infected by malware. **Spoiler Alert** Canadian Banks do not guarantee that they will retrieve your money once a payment is released and if you read your bank agreement it will say that you are liable for your losses.

Every year Canadians lose millions of dollars to activities of scammers who bombard us with online scams. Scammers do not discriminate, and the best way to combat online bank fraud is to take preventative measures to ensure your business isn’t caught in the first place. Remember the bank is not responsible for your losses – you are.

We’ve all received the emails with friends stuck in need of cash, or UPS unable to deliver. Malware is often part of an e-mail attachment or website that when launched can disable your anti-virus and software leaving your computer and network unprotected.

Here are 5 things you can do to prevent your business being a victim of bank fraud:

  1. Remove /unplug the bank token from the computer when not doing online banking. Your security token, sometimes called an authentication token or hardware token displays a number that uniquely identifies the user of the bank service along with the user ID and PIN. These USB like keys are easily spotted at times in the financial person’s computer because they don’t want to lose them.
  2. Keep your computer protection software up to date. This includes maintaining and updating a suite of security software products including reputable firewalls, anti-virus, and anti-spyware software. All of these are necessary to provide online protection for your computer and network information.
  3. Take advantage of automated software updates for your web browser, operating system and all software that supports your online behaviours (e.g. browser plug –in such as PDF viewers)
  4. Choose effective passwords, security questions and confirmations. Passwords need to have an upper case/ lower case , special characters and be at least eight characters long
  5. Ask your IT service provider if your technology is up to date and if it is being maintained

Here is a link to a list and description of common scams or pitches from the Canadian Anti – Fraud Center: Click here

If you are interested in knowing more about your IT, contact us today for a FREE, no-obligation IT Needs Assessments.


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