20 JULY, 2023

Risk is part and parcel of running a business. So, if you end up losing money on a deal or an investment that was well thought out and strategic, it wouldn’t be the worst. But if you lost money because of a banking fraud, it would be a disaster that could have been avoided by implementing some basic safe banking measures. 

Here are some safe banking tips you can implement to prevent Current Account fraud:

Choose a reputable bank: When you open an offline or online Current Account, make sure you choose a reputable bank, as such banks will already have the necessary security measures in place across mobile banking, internet banking, etc. 

Set strong passwords 

It’s important that you set strong passwords that do not include easily identifiable details about you and your business, such as the business’s incorporation date. You should also set unique passwords. For instance, your Internet banking password should not be the same as your streaming service password. It’s also essential to frequently change your Current Account passwords to ensure safety. 

Opt for dual control

You can opt for dual control for your Current Account, which would require two or more people in your business to approve transactions before your bank can process them. This may be helpful depending on the size of your business and the number of people who have access to the business Current Account

Do not share sensitive information

Phishing scams are growing, and never providing sensitive information such as your card PIN or OTPs is important. You should also never click on links or interact with anyone posing to be a bank representative unless the communication is from the official banking channels and phone numbers. 

Educate your employees 

It’s important that you educate your employees on data security and privacy. That’s because even if one employee ends up clicking on a fraudulent link received on the business email network, it would be easy to hack your business’s sensitive information, including banking details.

Additional Read - 4 Mistakes to Avoid When Opening a Business Bank Account

Use secure networks

Avoid using Internet banking and Mobile banking on public Wi-Fi networks since they are not the safest and provide easy access to hackers. Don’t click on pop-up windows, and never auto-save your passwords on your devices.

Be aware when using UPI

Remember, you do not need to scan a QR code or enter your UPI pin to receive money. Also, beware when you receive a payment from an unknown person or unverified vendor. Before making payments to a new vendor or when making large transactions, you can also verify by first sending Re 1.

Implementing these basic safe banking measures is essential to ensure the safety of your business funds and sensitive information. Whether you are a small or large business, these measures must be taken seriously.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.