3 tips to help protect your small business from fraud

With 2014 being the year of cyberattacks and data breaches, more small businesses have to focus on protecting their assets and customers' personal information. The Association of Certified Fraud Examiners found that many business owners don't realize that small companies are actually more prone to fraud than large businesses in the U.S.

The trade organization discovered each year, firms with fewer than 100 employees lose $155,000 due to fraud. To keep your business from being another statistic, here are three tips to help protect you from fraud tied to cyberattacks:

1. Ensure all passwords are protected
To have a successful business, it truly helps to have an online presence to get your brand out into the world. However, there are some people out there waiting to take advantage of your business by hacking your information technology system or internal software to get logins, addresses, credit card numbers and other financial information. To prevent this, you need to ensure all your passwords have two-step authentication to prevent as many cyberattacks as possible.

Two-step verification along with encrypted passwords will give your business more security while working online. According to the U.S. Small Business Administration, you should get your employees to change network passwords and personal account passwords every 60 to 90 days.

2. Talk to your workers
Your employees are your heart and soul of your business, and you must keep them on top of fraudulent trends to make sure they prevent cybercriminals from taking advantage of your company. According to American Bankers Association, your employees are the "first line of defense against corporate account takeover."

Using a strong security software system will also help educate your employees about all the possible threats. You must also educate your employees to get things protected efficiently. According to the SBA, there are several online webinars available to help educate your staff.

3. Partner with a secure bank
To get the most out of fraud protection, work with a trusted and secured bank to protect sensitive information. According to the blog the Self Employed, checking account access and the ability to transfer funds are helpful, especially if you can perform these tasks online. Talk to one of our helpful business banking staff members to get in the right direction toward fraud protection.

For more information about how you can grow your business, contact Landmark Bank.

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