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Protecting Online Business Accounts

Question: 
What are some things we can recommend to our business customers using online banking to protect them from losses such as those we read about in the tech papers?
Answer: 

Business customers are getting hit with hundreds of thousands of dollars in theft. Some banks seem to be covering the losses while others say it was the customer's fault. Unless you have separately agreed to cover these losses, the decision is up to your bank, as Reg E protections do not apply.

Some recommendations for your business customers include:

  • Keep virus protections and firewalls up to date.
  • Apply patches when they are released and tested, as necessary.
  • Use a Mac - the logon-stealing trojans aren't attacking this OS (at least not yet.)
  • Use a dedicated laptop, desktop, Netbook or whatever only for online banking.
  • Unless they have a secured wireless connection that has been checked, and passwords have been changed periodically and they have faith in it, use only a wired connection.

Tech columnist and blogger Brian Krebs also recommends using a bootable CD version of Linux for each online banking session because that won't be infected.Obviously the customer wants strong passwords and to keep them confidential in the office.They should review their online accounts at least daily and sign up for any alerts you offer, i.e., transfers, transfers over $X, balance below $X.

These are the things John Burnett and I write about in Tech Talk. (Yes, it is free.)

First published on BankersOnline.com 5/31/10

First published on 05/31/2010

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Filed under security as: 

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