BUSINESS ACCOUNT 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. 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 insurance policy that will cover stolen funds from a cyberattack, fraud, or phishing 

Tip 3 – Make it a requirement for your bank to obtain verbal confirmation from you before wiring funds, and set up alerts for large checks and debits

This document is designed for general information only. The information presented on this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below: 📧kevin@kmckernan.com or 📞718-317-5007