Online Banking Fraud Protection Best Practices
Guidelines for Online Banking Cash Management
ACH (Automated Clearing House) Batches
- Use pre-notification transactions to verify that account numbers within your ACH payments are correct.
- Use limits for monetary transactions at multiple levels: per transaction, daily, weekly, or monthly limits.
- Review transaction reporting regularly to confirm transaction activity.
- Utilize available alerts for ACH activity.
Administrative Users
- Limit administrative rights on users' workstations to help prevent the inadvertent downloading of malware or other viruses.
- Dedicate and limit the number of computers used to complete online banking transactions; do not allow Internet browsing or e-mail exchange and ensure these computers are equipped with latest versions and patches of both anti-virus and anti-spyware software.
- Delete online user IDs as part of the exit procedure when employees leave your company.
- Assign dual system administrators for online cash management services.
- Use multiple approvals for monetary transactions and require separate entry and approval users.
- Establish transaction dollar limits for employees who initiate and approve online payments such as ACH batches, wire transfers, and account transfers.
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