Safe banking practices

Almost every business today has a relationship with a bank. Sometimes it's only an occasional cheque deposit or withdrawal, but every time you interact with a bank you need to be careful because just doing your banking can expose your account to fraudsters. Here's a range of common banking related issues where you need to be vigilant to avoid scamming of your funds or just plain clerical errors getting into your account details.

Don't fall for "phishing" scams

"Phishing" is so commonplace these days that almost everyone has received an e-mail purporting to be from a bank and requesting confirmation of details like user name, account number and password. No legitimate bank or other financial institution will send an email asking for this kind of information; never send anyone your bank account details via email.
Check for fraudulent transactions

Get bank statements regularly, monthly at least, and review each statement carefully. Banks can make errors, but it's also possible that your account has been debited fraudulently. Don't wait to find out it was the latter - follow up every suspect transaction and be sure that every cheque debited against your account has been for a verifiable transaction.
Keep your account details private

All banking documents that contain your account number should be shredded once you're through with them. The same applies to a deposit slip on which you've made an error and to any cheques returned from the bank. Treat your account details, including your account number and the exact form of name on the account, as confidential information.
Don't trust wireless banking

Wi-fi enables you to access your bank accounts from public places. This can be very handy, but it's also handy for criminals who can "eavesdrop" on your transactions and acquire your account details without your knowledge. Wireless security in public places should never be considered sufficient enough to protect this kind of confidential information.
Use a "hard" password

There's nothing new in the advice to avoid using "soft" passwords, and nothing new about people not following it, either. Your banking password should make no sense whatsoever - using things like family names and birthdates makes it too easy for fraudsters. Passwords on accounts, both for Internet banking and over the counter use, should be changed frequently.
Play it safe at the ATM

ATMs have become the targets of some fairly sophisticated criminals who capture the details you enter when you access your account and then proceed to empty it out. One method they use is a hidden camera with a high resolution lens which films the password being entered. This can then be matched with the account number on a discarded transaction slip. Be suspicious of any strange boxes or other attachments you see on an ATM and never leave any paperwork behind.
Don't place blind faith in bank procedures

Sorry to say, if you think your account is protected by requiring two signatures or even a particular signature before a cheque will be processed, you need to think again. Not all banks are as diligent as we'd like to think when it comes to verifying signatures on cheques, and sometimes even on bank withdrawal slips. This is just another reason to carefully go through every bank statement and be sure it shows only activity that you've actually authorised.

For more information contact your RAN ONE business professionals at
Academy of Business Excellence Limited