The shocking truth about bank fraud

Did you know a business bank account doesn’t have the same protections as a personal bank account when it comes to fraud? If a hacker takes money from your business account, the bank is NOT responsible for replacing it. (Don’t believe me? Go ask your bank what their policy is on refunding money stolen from your account!) Many people erroneously believe the FDIC protects you from fraud; it does not. It protects you from bank insolvency.

Here are three things you should do:

Tip 1: Set up two-factor authentication to log in to your bank account.

Tip 2: Get a crime policy that will cover stolen funds from a cyber-attack, fraud or phishing attack.

Tip 3: Require your bank to get verbal confirmation from you to wire funds AND set up alerts for large checks and debits.

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-Adrianna