Protecting Business Banking Credentials
Launch library · evergreen read
Business bank accounts are often targeted considerably more deliberately than ordinary personal accounts, since a successful compromise can involve significantly larger sums of money, and small businesses in particular may have noticeably less dedicated security oversight than much larger organisations would typically maintain fully in-house.
Using separate, genuinely strong passwords and two-factor authentication for business banking specifically, and limiting how many staff members have access to sensitive functions such as approving payments, reduces the overall impact of any single compromised login quite considerably across the wider business as a whole.
Establishing a clear internal process for verifying any change to supplier bank details, always confirmed by phone using a known, existing number rather than relying on an email alone, closes off one of the most common paths to business banking fraud almost entirely on its own.
Reviewing who currently has access to business banking on a regular basis, and promptly removing access whenever someone actually leaves the business, keeps the list of people who could authorise a transaction genuinely current and properly, tightly controlled at all times of the calendar year.