Digital banking makes running a business easier — from paying vendors to managing payroll. But that convenience also brings risk. If your company’s banking logins, PINs, or card details fall into the wrong hands, the fallout can be serious: drained accounts, new credit opened in your business’s name, or even full-scale identity theft.
Here’s how to keep your business’s financial information secure.
1. Lock Down Access: Your first defense is making it hard for anyone else to get in.
- Turn on multi-factor authentication (MFA). It adds an extra verification step, like a one-time code, so even stolen passwords can’t be used.
- Secure your devices. Utilize biometrics and a strong PIN to prevent unauthorized users with physical access to your device.
- Use strong, unique passwords. Require complex passwords and avoid reusing them. A secure password manager can help.
2. Stay Alert and Act Fast: Even strong defenses need backup. Vigilance helps you catch fraud early.
- Know your bank’s communication practices. They’ll never ask you to move funds to a “safe” account. When in doubt, hang up and call your bank directly.
- Check accounts regularly. A quick review a few times a week can help you spot suspicious activity early.
- Set up alerts. Get notified instantly about large transactions or new device logins so you can respond quickly.
3. Strengthen Everyday Security: Small steps across your business make a big difference.
- Keep software updated. Updates fix security holes that attackers target.
- Avoid public Wi-Fi for banking. If you must log in on the go, use a VPN for added protection.
- Handle mobile deposits carefully. Store physical checks securely until they clear, then shred them.
If You Suspect a Breach
Act immediately if you think credentials are compromised:
- Change your banking password
- Contact your bank using an official number
- Monitor accounts closely for unusual activity.
Protecting your business’s financial credentials is a shared responsibility — and it’s worth the effort. With strong security habits, regular monitoring, and an alert team, you can keep your company’s finances safe and your operations running smoothly.
