Tech Tip: This Will Shock You About Bank Fraud on Business Accounts

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Did you know your company’s bank account doesn’t enjoy the same protections as a personal bank account?

For example, if a hacker takes money from your business account, the bank is not responsible for getting your money back. (Don’t believe me? Go ask your bank what its policy is on refunding money stolen from your account.) Many people think the FDIC protects you from fraud; it doesn’t. It protects you from bank insolvency, not fraud.

Quick Tip: Set up email alerts on your account so you are notified any time money is withdrawn from your account. The faster you catch fraudulent activity, the better your chances are of keeping your money. If you contact the bank immediately, you have a very high probability of foiling a hacker’s attack.

Alan Edwards, CISM, is chief information officer at Computerware, Inc., in Vienna, Virginia.

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