Almost all businesses, regardless of type or size, conduct at least some of their accounting-related work online. This may include taking orders and accepting payments from customers via the company's website, or making bank transactions. The fact is, most businesses simply could not function without being able to move funds via the Internet.
However, with the speed and convenience offered by the Internet for performing daily accounting and banking chores comes the threat of hackers who can find ways to access a company's accounts. Of course, large corporations can dedicate sizable resources to taking protective measures. Smaller businesses can be more vulnerable to experiencing external fraud schemes perpetrated by cyber criminals.
If you own a small business, a hacker may attempt to gain access to your bank accounts. If they should get a hold of your username and password, then they are free to plunder the account. However, you can help thwart such breaches by using a two-step login. This works by having the bank send a temporary code to your email or phone after you sign in with your username and password. You will then have to use the temporary code to complete the login process.
Protecting your business bank accounts may be more critical than you realize. You see, while federal regulations protect personal accounts against acts of fraud, these regulations do not extend to business accounts.
Theft and fraud are tremendous threats to small businesses. Often companies operate on razor-thin profit margins. Any sort of economic loss could set a company back for months and may even threaten its very existence.
Therefore, if your company has been victimized by fraudulent activity, you may wish to speak to a business torts attorney to find out what possible actions you could take. Depending on your circumstances, you may be able to hold the responsible parties accountable and receive restitution.