Small business finances: privacy and security
Secure financial information is essential to doing business. Thankfully, OCCU makes privacy and security a top priority. That said, a few good technology habits can help further bolster the privacy and security of your business accounts.
Secure your smartphone
Require all company phones to use security programs that lock the screen after a certain amount of time, requiring a password or fingerprint to open. Use secure mobile apps for financial transactions and be sure to keep your security database up to date with current employees.
Update your computers
For computers and mobile devices alike, operating system updates often fix security flaws with the latest patches. Waiting too long to update can leave your devices vulnerable. If costs allow, it’s a good idea to work with a dedicated IT team that can work proactively to secure your internal system and ensure computers are updated on a timely manner.
Report fraud to the proper authorities
Financial institutions have mandatory fraud reporting systems designed to protect you from fraud and return your funds to you as soon as possible. A crucial part of that system relies on account owners reporting fraud quickly. Call your financial institution, using the number on the back of your debit/credit card, the moment you find suspected fraud. Report fraud to the proper authorities Financial institutions have mandatory fraud reporting systems designed to protect you from fraud and return your funds to you as soon as possible. A crucial part of that system relies on account owners reporting fraud quickly. Call your financial institution, using the number on the back of your debit/credit card, the moment you find suspected fraud.
Review account access
Business account owners should conduct a periodic risk assessment and review who has access to the business accounts and other sensitive information about the business. User access should be carefully granted to trusted employees. And remember, there are levels to account access, providing trusted employees with low level access will still allow them to do their jobs.
Use strong passwords
Strong passwords should be a minimum of eight characters, preferably including numbers and symbols. Enforce this policy throughout your company and implement regular password change policies. Additionally, ensuring that old passwords can’t be used is great way to encourage new and complex passwords.
Ignore suspicious emails
OCCU will never ask for sensitive account information, such as PINs or passwords, in email. That holds for the vast majority of financial institutions. Here are two “nevers” to protect your sensitive account information: Never respond to emails asking for PINs or passwords, and never open suspicious attachments that could contain keystroke-logging malware. Be wary of foreign suppliers giving new wire transfer information.
If you suspect one of your accounts has been compromised, contact us at 800.365.1111 as soon as possible to address the situation.
