Is Online Banking Safe? Beware the pitfalls of convenience when it comes to conducting transactions via the web.
By Gwen Moran •
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Although small-business owners are often encouraged by their banks to use online banking services, recent news about common tools of the trade hasn't been good.
Last November, the FBI issued a warning about a serious uptick in online banking fraud targeting small businesses, especially Automated Clearing House (ACH) transactions--which are used for direct deposit of payroll, vendor payments and the like--wire transfers and malware that steals sensitive information, including account numbers and passwords.
The problem is so bad that the Better Business Bureau has launched an initiative to help businesses keep all of their data--including sensitive banking information--secure. David Zetoony, an attorney with business law and litigation firm Bryan Cave in Washington, D.C., is the co-author of a free handbook published as part of the program, Data Security--Made Simpler. He offers the following tips for businesses that use online banking services:
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