How to Protect Your Business
- Reconcile daily/monthly (including separation of duties between who issues payment versus who reconciles)
- Separate controls for your business Online Banking. Use one computer to create online payments; have a second user approve those payments from a different computer.
- Initiate ACH and wire transfer payments under dual control, with a transaction originator and a separate transaction authorizer.
- If possible, carry out all online banking activities from a stand-alone, hardened and completely locked down computer system from which e-mail and Web browsing are not possible.
- Immediately escalate any suspicious transactions with the bank. There is a limited recovery window for these transactions and immediate escalation may prevent further loss by the customer.