How to Protect Your Checking Account Against Fraud

n an increasingly digital world, cybercriminals target small businesses with more sophisticated attacks. But, there are steps you can take to protect your business and your financial information. We’re far more effective at combating account takeover when we combine resources than when we go at it alone. At Novo, we take your security seriously, and we’re always here to help. 

Prevent account takeovers in your small business

‍

1. Educate your employees

You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs is essential to protecting your company and customers.

2. Protect your online environment

To prevent scams, take care of your online accounts as carefully as you would take care of your cash. Encrypt your data where possible, and do not use unprotected internet connections. Use a strong password and an authentication app. Your Novo app requires authentication to sign in every 30 days, which is one step closer to successful fraud prevention. 

3. Pay attention to suspicious activity.

Those attempting identity theft, fraud, and data breaches may try to access your account. If they are successful, it is your responsibility to catch the transactions quickly and notify your banking partner or credit card company as soon as possible. With Novo, you will automatically receive fraud alerts in the event of any suspicious activity on your account. Still, be sure to check your bank account regularly to monitor your transactions as an added precaution.

‍

Protect your identity

1. Keep your private information private.

Never share bank statements, card details, and account numbers with anyone online, even those you know. While you likely know that your social security number should be kept private, even your phone number can be sensitive information that you want to keep to yourself. 

2. Shred sensitive papers

Shred documents like your credit report, credit cards or debit cards, and anything else with your account information on it before you dispose of them. Shredding can prevent scammers from finding your sensitive data and hacking into your accounts. 

3. Report fraud immediately 

If you believe you are a victim of fraud, make sure you let your financial institution know as soon as you become aware of the situation. The quicker you tell us, the more likely we’ll be able to stop a transaction or otherwise help recoup your funds. 

4. Protect your computer and mobile devices

Install antivirus software on your computer, and keep it up to date. When on a website, look for an “S” after the “HTTP” in the URL to ensure that it is secure before inputting any card numbers or other information. For mobile devices, make sure to use your passcode and wipe your device of any data before selling, donating, or trading it in. Always use caution when downloading apps. Be cautious when opening links and attachments, and, if you don’t know the sender, try to avoid opening them altogether. 

The Takeaway 

Combating account takeover is a shared responsibility between businesses and financial institutions. If you follow the seven tips above, you’ll have done your part as a small business owner. Should you have any further questions about ways to protect your Novo account, you can contact us at support@novo.co.