Staying Safe with Online Banking
Using online banking features is a really simple way to handle your finances from home or on the go, but it’s important to know how to do this safely and securely.
Keeping your business’ book up to date can help you determine if an unauthorized charge has been made on your account. When you know exactly what money is coming in and what money is going out of your account, you can be quick to determine if a charge on your bank account is suspicious.
Many financial institutions, including GreenStone, offer a Positive Pay option. This is a service that helps banks detect fraud by matching your issued draft check with the check presented for payment. If the dollar amount or check number you submitted as your drafts does not match the check that is cashing your check, you are alerted and have the option to approve or deny that transaction. This helps to stop check fraud before it hits your account.
Another way to monitor suspicious activity on your account is by setting up fraud alerts through your bank. Most financial institutions offer a text or email option when an unusual purchase is made on your account. Many institutions also allow the option to receive a text any time a transaction is made from the account.
If you have a debit or disbursement card from your financial institution – like the one offered through GreenStone’s revolving line of credit accounts, it often comes with a smartphone app that allows you to see real-time transactions. If you see a transaction you did not make, you can report it for fraud. GreenStone’s disbursement cards use an app called SecureLock.
It is key to catch fraud early. The earlier you report a fraudulent charge on your account, the greater the chance of receiving that money back.
Double Up to Reduce Risk
GreenStone experts also suggest having more than one person handling for operation’s finances. It’s important to have one person submit check drafts and keep the books up to date while another person approves certain transactions. Even the best teams can be infiltrated by a good actor doing bad actions, leading to fraud happens within the company. It’s important to have more than one set of eyes on where money is coming and going.
Another method of fraud is scammers using your identity to take out new loans, open bank accounts, or open up credit cards. GreenStone’s information technology experts recommend keeping your credit frozen at all times through the main three credit bureaus: Experian, Equifax, and TransUnion. The only time you will need to unfreeze your credit is when you are taking out a new loan, or opening up a new credit card or bank account, to allow the authorized institution to pull your credit. Each of these bureaus allows you to freeze and unfreeze your credit by using an app, and by law, it’s free to do so. For more tips on protecting your personal information, visit: https://www.greenstonefcs.com/privacy/information-protection..
Buying equipment for your operation? Make sure it’s lien-free.
If you’re in the market for a new piece of equipment for your operation, it’s important to make sure there’s not a lien on your purchase. A lien is when there is a legal right to possess someone’s property until a debt is repaid.
If the person you’re buying the equipment from still owes money to their lender on it, when you purchase the equipment from them, that lien can then become your responsibility. If the seller defaults on their loan for that piece of equipment, that can put you in a sticky situation –the lender can repossess the equipment from you, and you will be out the money you paid for it.
Preventing this headache is as simple as an internet search. For about the price of a cup of coffee, you can search if the seller has a lien on their equipment on your state’s website. This is called a Uniform Commercial Code, or UCC, search. This quick and inexpensive search can save you thousands in the long run.
If you find there is a lien on the product, you can ask the seller to get the lien released. They can do this by paying off their debt on the product to the lender, or by working with the lender to negotiate a release.
Buyer’s Beware: Purchasing Equipment Online
These days, you can do almost anything online. Buying equipment for your operation on the Internet is a convenient and quick option to find deals, but it comes with the risk of scams.
Before making a purchase online, do your research. Oftentimes, when doing a simple Google search for a company, you may come across articles or reviews that indicate it is a scam. You can also check reports from the Better Business Bureau’s website to see if there are any red flags. You may also consider talking with other people in your industry to see what trusted websites they have used to purchase equipment.
Remember, if something seems too good to be true, it most likely is.
Before making an online purchase, confirm that the website is secure before typing in your credit card, debit card, or bank account information. A simple way to check if the website is secure is to look for a “lock” symbol by the URL like the image below.
If you are paying somebody you have met in person or on social media for equipment, and you have confirmed their legitimacy, before transferring money to their bank, confirm it is a legitimate banking operation by doing a search.
Ask For Advice
We understand that dealing with the risks of hackers, fraudsters and scammers can be overwhelming and difficult to understand. The best route of action before utilizing mobile banking options, buying equipment, or transferring money to somebody, is to simply ask for advice from the experts.
At GreenStone, our team is happy to pick up the phone and ease any anxieties or answer any questions you may have about these important topics. We have dedicated finance, legal, and information technology teams always keeping tabs on the latest methods fraudsters are utilizing. Our goal is to keep you and your bottom line safe.
To view the article in the online 2023 Summer Partners Magazine, click here.
