IT Security Tip #15: Set up bank alerts – NOW!
Here’s a tip that just might save your bacon: set up withdrawal alerts on your bank accounts. Many banks will allow you to create e-mail alerts that notify you whenever money is withdrawn from your account via check, debit card or transfer. Setting up those alerts will allow you to spot and report fraudulent activity BEFORE the money has already been siphoned into a cybercriminal’s hands. A good rule of thumb is to be notified on any transaction over $100. Better to get a few extra emails than not know immediately when a huge, unexpected transaction comes out and you find out days or weeks later.
If you’re the business owner, keep in mind that the FDIC does not protect you against theft (or fraud) and while “Regulation E” protects consumer accounts from fraud, it does NOTHING for business accounts! Your bank has no legal requirement to assist you in the event of fraud or theft that affect your account. Check with your bank in advance to know what their policy is regarding this subject for your business accounts with them. Be sure to keep up with your operating account transactions on a daily basis!
If you want a quick overview of Regulation E in plain English, here’s a great, short read.