8 Ways to Keep Commercial Checking Account Information Safe

Commercial checking accounts are vital for most businesses today no matter whether they are large or small. They help make things easier, but at the same time it is one more thing that companies must worry about. Making sure that the information stays secure can be just as tough as making sure the money goes where it is supposed to go and no where else. Read these tips below to see other ways to keep your information safe.

User Accounts

Each employee that uses the account and has access to it should have their own user account. No two users should share information. This helps to hold each user accountable and help you know who is doing what with the account.

Attention to Detail

If you have multiple people using the account then it is ultimately up to you to watch the commercial checking account. Watch it for suspicious transactions. Ensure that all money going out is legit and documented. Make sure that money is not being spent on things it should not be spend on. Catching fraud early can help significantly when it comes to protecting yourself, your business and your accounts.

Know your Employees

If you are allowing more than one person access to your commercial checking account, make sure that you know as much about them as possible. This includs running thorough and extensive background checks. This can help eliminate those who are not trustworthy and who could potentially pose a risk for you or your business. Business checking accounts should only be accessible to those who you trust the most.

Approved Vendors

This list can go a long way in keeping online banking practices and information safe. This information should be checked periodically. Check for vendors who are not on the list of approved vendors. Also check to see names that may look similar to the others, but not quite the same. These names will typically have a different address, or maybe even no address. These are the vendors that you should question. Regular check-ups can help eliminate fake or false vendors.

Dual Control Positions

These positions can help to make sure that someone cannot fraudulently steal money and get away with it. This ensures that one task must be signed off by another employee in order to keep everything in check. The person who writes the check should have to acquire two signatures on the check. The person who signs the check should not be the person who does the reconciliation of the bank records. Delegating these tasks to different people keeps one person from stealing then being able to cover it up.

Go Unannounced

Routine checks and balances are important, but unannounced ones are even better. This lets employees know that you are keeping an eye on things and making sure all money goes where it needs to go. Doing these unannounced will keep employees on their toes and make it harder for them to try and hide things that they must be doing wrong.

Internet Connection


Employees are not the only ones that can be sneaky, internet connections can be quite sneaky as well. This is why it is so important to make sure that employees know how to connect to the internet. They should never connect over an unsecured network that could compromise personal information or commercial checking account information. Educating employees on what sites are safest and which ones should be avoided helps protect your information.

Trusted Devices

Just as some employees cannot be trusted, the same thing applies to devices which connect to the internet and access personal information for your commercial checking account. Many banks offer online banking services which require identification procedures in order to sign on, but the problem is the connection is not secure therefore anyone can get this information. Showing and training employees on the proper devices to use can eliminate this potential risk.

Follow these tips and use this advice to help ease your mind a little. You will feel better about who accesses your information and who has access to it if you are careful and train others to be as well.

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Laura

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