Most business owners don’t realize this — but your business bank account does not have the same protections as your personal account when it comes to fraud.
If a hacker drains your company account, the bank is not responsible for reimbursing those funds. Don’t believe it? Ask your bank what their policy is. Many business leaders assume the FDIC protects against theft, but it only covers bank insolvency — not fraud.
That means if cybercriminals target your business account, the financial hit could fall entirely on you.
3 Steps to Protect Your Business From Bank Fraud
- Enable two-factor authentication. Require 2FA for logging in to your online banking to add an extra layer of protection.
- Get crime insurance. Make sure your insurance policy specifically covers funds stolen due to cyberattacks, phishing, or fraud.
- Add banking safeguards. Require your bank to confirm wires verbally and set up alerts for large debits or checks.
Taking these steps now can help prevent devastating losses later.
🔐 Want to ensure your business accounts and systems are fully protected? Book a free 10-minute discovery call with Diamond Business Communications today.
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