Scams, fraud, and other security risks are things that every business should be invested in, both mentally and financially. Scammers and threat actors are always looking for (and finding) new ways to steal information, hack into systems, create fraudulent scenarios, and more, and these threats can occur in. Your business information is sensitive, so if it’s not secure, it’s at high risk.
There are several ways you can keep your business protected from threats like scams, fraud, and other security breaches.
Protect Your Online Information
Any time you use a website or mobile app, make sure to be diligent about protecting your online information by turning on multi-factor authentication functions as well as using biometric capabilities like fingerprint sensors or facial recognition. You should also be regularly resetting your passwords and avoid sharing the same password across multiple accounts. There are many resources you can use to help generate random/strong passwords, and others that will help you securely store them. Another precaution to take is to be wary of public wi-fi connections that you don’t trust, such as in airports, coffee shops, libraries, etc.
Additionally, never click on any links that you don’t recognize or that direct you to another site that requests information. Emails can be easily faked to appear as if they are coming from your actual bank or another trustworthy organization. If they have reached out to you unprompted, be sure to triple check the source and legitimacy of any communication.
Lastly, always get the latest anti-virus software and keep your internet browsers updated.
Set Up an Online IRS Account
To help ensure the security of your information, the IRS recommends taxpayers set up an online IRS account. Through this account, you can view important information about your federal taxes, such as your payoff amount, the balance you owe in taxes for each year, payment history, and more. This allows you to review and manage that information in real-time and lessen the risk of phone, email, or other scams.
The IRS also warns taxpayers that they will never call or email you regarding the status of your tax returns or to request information. You will only receive notices by direct mail with instructions on how to take action.
Stay Up to Date on Your Credit Report
Another way to stay safe is to stay on top of your credit report and always be aware of your credit score, what impacts it, and how it’s trending. There are many solutions available to help you do just that, and Republic Bank offers a robust solution called “Credit Insights,” which is available for free within their Mobile Banking app.
The program monitors your credit report daily and will inform you by email if any big changes are detected — a new account has been opened, a change in address or employment, a delinquency has been reported, or an inquiry has been made. This level of monitoring will help you keep an eye out for identity theft.
Set Up Positive Pay
Positive Pay is a fraud prevention system offered by financial institutions to protect against forged, altered, or counterfeit checks and allows companies to review issued checks prior to payment. The service matches the check number, dollar amount, and account number against an authorized list provided by the company, and if the information does not match the check, the bank notifies the company and withholds payment. From there, the bank awaits a response from the company on whether to cash the check.
Positive Pay is a fully automated tool that is monitored by the Cash Management Department of the bank and serves as a form of insurance for the business. By identifying suspicious or unauthorized checks before they have the chance to clear, businesses can avoid thousands (or more) in financial losses.
To set up Positive Pay through Republic Bank, visit our Treasury Management page or reach out to one of our representatives at 800-526-9127 today!