Add Protection to Transactions & Sensitive Information Online fraud and other crimes often target departments with access to your bank accounts or sensitive information. Use these policies and processes to help protect your funds and company data: • Make sure requests for wire transfers or changes in wiring instructions are confirmed in person or over the phone using a known phone number. Also watch for unusual wire instructions that request funds be sent to a different state or country. • Use dual authorization for all bank transactions, including wire transfers, online ACH originations, ACH direct transmissions, and remote deposit. • Restrict and monitor employee access to account information and the ability to move money. Have separate accounts for payroll and operations. • Establish transaction dollar limits for initiation, approval, and release of money transfers. • Separate responsibilities for initiation and approval of transactions, and for auditing your monthly bank statement, to increase employee accountability. • Review and reconcile all accounts daily and monthly, and start receiving account alerts to help you monitor balances, transfers, and changes to users’ email addresses and passwords. • Train your staff on controlling access to confidential information, and create a policy for the destruction of sensitive documents. • Have a detailed contingency plan in case of a data breach or other cyberattack. By observing these and other sound business practices, you not only reduce the risk of fraud, but also better protect confidential information about your customers and employees.
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