If you're not sure if a transaction is legitimate, consider implementing a few extra steps to double-check. First, call the customer to confirm their order. If you’re still suspicious, don’t hesitate to reject the order. If it doesn’t feel right, it probably isn't.

Educate your team

Provide training and regular updates to help your staff identify and prevent fraud and spot suspicious transactions because they are your first line of defense. Make sure they’re aware of the warning signs and consequences of fraud. By prioritizing education, businesses not only protect their assets, but also build trust with customers, demonstrating a commitment to their security and well-being.

Safeguard your data

Your business data is possibly your most valuable asset. Imagine if all the information on your computers, laptops, software and devices was deleted. You can reduce the chance of this happening by:

• Holding only the data you need. The more information you have, the higher your security risk.
• Regularly backing up and storing data offline. You can then restore your data if it’s lost, leaked or stolen.
• Setting up logs to record all the actions people take on your website or server. Set up alerts to notify you if an unusual event occurs. Make sure someone checks the logs when an alert comes in.
• Creating an incident response plan to help you get your business back up and running quickly if your business is targeted by a cyberattack. Talk to your staff about the plan ahead of time.

These steps will help you get out in front of potential data breaches. They're the key to minimizing the risks of data loss, theft, and cyberattacks, making sure your business remains secure and resilient.

ACH Data Security Compliance

The Automated Clearing House (ACH) data security requirements mandate that businesses encrypt Non-Public Personal Information (NPPI) when it is stored electronically, also known as “data at rest.” This means that sensitive information, such as bank account numbers, must be made unreadable when stored electronically. This can be done using methods like encryption, which scrambles the data, or tokenization, which replaces sensitive information with a unique code.

For businesses, this requirement is crucial to prevent unauthorized access and protect against cyber threats. Companies must ensure their systems comply with these standards to avoid potential data breaches and maintain customer trust. When using online platforms to create ACH files, businesses need to be vigilant about these security measures to safeguard their financial data effectively.

Protect your financial information

A cyberattack that disrupts your business can not only be annoying and time-consuming to fix, but the impact on your finances is far more serious.

Always verify new supplier details or any requests to change bank information before approving payments. This is especially important for unusual or unexpected requests. Regularly review your bank statements, as they can be the first indication of unauthorized access. If you notice anything suspicious, contact your financial institution immediately.

Consider getting regular credit checks to detect if someone is using your details to apply for loans or credit. Keep your networks secure by installing software updates that fix known vulnerabilities. Always enable security software, such as antivirus programs, and use reputable, paid versions to prevent malicious software downloads.

Secure your network devices, such as firewalls and web proxies, and use a VPN with two-factor authentication for remote access. Be cautious when using free Wi-Fi or hotspots, as they can be insecure, allowing others to intercept your data.

Protecting your business online is essential to safeguard sensitive data, prevent financial loss, and maintain your company's reputation and operations in the face of cyber threats.