Does Your Business Bank Account Have This Risk?
Here’s a question most business owners don’t think about until it’s too late:
If a cybercriminal gains access to your company’s bank account and transfers money out, who absorbs the loss?
Many people assume FDIC insurance covers this type of situation. It doesn’t. FDIC insurance protects deposits if a bank fails, but it does not protect businesses from cybercrime, account takeover, wire fraud, or many forms of financial fraud. [uschamber.com], [fdic.gov]
What’s more concerning is that business accounts often do not have the same consumer protections that personal accounts receive under federal regulations. [novo.co], [fnbo.com]
This Week’s Tech Tip
Take 10 minutes to review these three items:
✅ Is multi-factor authentication enabled on your online banking accounts?
✅ Do you require a second person to approve wire transfers or ACH payments?
✅ Have you talked with your insurance advisor about cybercrime or funds-transfer fraud coverage?
These simple safeguards can dramatically reduce your risk and help protect your business from a costly financial loss.
If you’re not sure whether your current security controls are adequate, reply to this email or schedule a quick conversation with our team. We’re happy to point you in the right direction and help identify any obvious gaps.
Best,
Charles Hammett
Hammett Technologies, LLC
📞 443-216-9999
P.S. If you know another business owner who could benefit from these weekly tips, feel free to forward this email to them.