Preventing ID Theft for your Business
Maintaining information about your customers is part of doing business, but how you store that information and who has access to it is a big responsibility. According to the Kroll Annual Global Fraud Report, theft of information and electronic data at global companies has overtaken physical theft and the dollar amount lost by business to fraud was $1.7m per billion dollars of sales in 2010 – a 20% increase from the prior year. According to Robert Brenner, vice president of Kroll’s Americas region, “theft of confidential information is on the rise because data is increasingly portable and perpetrators – often departing or disgruntled employees – can remove it with ease absent sufficient controls.”
So what are “sufficient controls” and how do we ensure security for our business’s and your customer’s information in order to prevent fraud? According to the Federal Trade Commission, Bureau of Consumer Protection, a sound data security plan is built on five key principles:
- Take stock. Know what personal information you have in your files and on your computers.
- Scale down. Keep only what you need for your business.
- Lock it. Protect the information in your care.
- Pitch it. Properly dispose of what you no longer need.
- Plan ahead. Create a plan to respond to security incidents.
CNB offers a comprehensive video which explains in detail how to implement these principles and protect your business from fraud. Visit cnbohio.com/demos.asp and click “View Now” beside ID Theft for Business.
We take fraud protection seriously and are continuously monitoring online banking transactions and also utilizing our Fraudguard system to detect fraudulent check activity. Our Online for Business product offers multifactor authentication, involving use of passwords and individual security tokens to access the program. We also incorporate dual controls to allow you to decide who has access to your business banking, during what hours and if a second employee needs to approve a transaction before it’s processed. Additionally, high risk transactions, such as ACH transfers or wires that move money out of the bank, require an additional one time password for extra security. For more information about Online for Business and the convenience of banking securely online, contact a business banking officer at any CNB office or email email@example.com to be contacted.