QUESTION: Much has been written recently about identity theft and hacking of individual email accounts. As a small business owner should I be concerned about my business being compromised by these cyber criminals?
ANSWERS: You should absolutely be concerned and take many of the same measures individuals do to protect themselves. In fact, under the Uniform Commercial Code , businesses have shorter reporting timelines, less protections, and higher liability for fraud than with consumer banking accounts.
Some of the things you can do to protect your bank account include two party approval for outgoing wire transfers or if you do not use wire transfers ask your bank to block transfers altogether. Monitor your business credit card activity and reconcile your business bank account frequently and consider online banking that allows you to see transactions on a daily basis.
Change your online banking password frequently and never log in using a public access or Wi-Fi hotspot. Also, if you receive an email ostensibly from the IRS know that it’s a scam. Do not respond and don’t click on any links or attachments.
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