Online Banking Security and Fraud Prevention

Posting by Lawrence R. Beebe, CPA

Our friends at EagleBank, a local community business bank with offices in Maryland, Virginia and Washington, DC, are reminding their customers of the importance of keeping up-to-date with internet and e-mail best practices in order to decrease the chance of fraudulent activity.  They have provided the following list of recommendations for those who utilize ACH and wire transfers:

1. Provide the bank with a dollar limit for all individual ACH and wire transfer transactions.

2. Provide the bank with a daily dollar limit for the business for all ACH and wire transfer transactions.

3. Require a second approval for all ACH and wire transfer transactions.

4. Set-up pre-filled ACH and wire templates for common transactions.

5. Require a second token number be entered to send an ACH or wire transfer transaction.

6. Have a dedicated online banking PC that is not used for any email or other internet activity.

7. Monitor your account throughout the day.

For additional information on fraud prevention, view EagleBank’s “Avoiding Phishing Attacks and ID Theft” Guide (PDF).

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