• Best Practices for Account Security

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    June 18, 2019
    Best Practices for Account Security
    Fraud is on the rise, but we're here to support your business.
    Where there is success and growth, you can be sure that fraud will follow. In 2018, 82% of organizations were affected by payment fraud, according to the Association for Financial Professionals Payments Fraud & Control Survey. Over half of these businesses experienced financial loss as a result.
    • 70% of organizations reported exposure to check fraud
    • 33% experienced ACH debit (automated clearing house electronic payment) fraud
    • 20% reported ACH credit fraud
    Okay, this may seem like a lot of doom and gloom, but we can help! Protecting the hard-earned finances of your business is something we take seriously. You should be informed and have access to the tools that can help prevent fraud and its damaging effects.
    What can you do to protect yourself and your business?
    There are plenty of best practices you can implement to safeguard your business finances:
    • Review and monitor your accounts on a regular basis; we strongly suggest you do this daily
    • Have network/computer firewalls installed and run commercial-grade anti-virus software
    • Set up a computer that is dedicated to electronic banking only (no browsing or email use)
    • Create strong passwords with at least 8 characters that include a combination of mixed case letters, numbers, and special characters (like these: @#$!). Experts suggest that longer password phrases are cryptographically more difficult to break than shorter ones.
    How can Main Street Bank help strengthen account security?
    As a bank, we are vigilant in providing electronic banking that has the same security in place as our sensitive data. There are additional services you can implement to add an extra layer (or two) of security:
    • Sign up for Positive Pay, which compares the checks recorded in your business register to the checks that clear your account; if they don't match, the check will be rejected
    • Implement Debit Blocks to require every electronic debit that tries to post to your account be reviewed and approved individually
    If you're interested in learning more about the ways you can protect your accounts, contact our Cash Management Department to start the process.

    Donna Morel
    VP Senior Branch Administrator
    Main Street Bank
    Direct line: 978-487-1415
    The best part of banking with us? You have access to a dedicated banker. Get connected to learn more about the business banking solutions we have.
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