COLDWATER, MI (WTVB) – Southern Michigan Bank and Trust has posted some reminders on its Facebook page about how small businesses can become victims of corporate account takeover. That’s the type of fraud where thieves can gain access to a business’ finances to make unauthorized transactions.
Business owners should educate their employees. You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
Protect your online environment. Protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions.
More information from the American Bankers Association Foundation on how you can protect your small business account from scammers can be found at: https://aba.social/3hLQcs7
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