Certainly one of the biggest fears for a small business owner is losing access to bank accounts and capital. Most businesses have attached commercial bank accounts to vendors making purchases easier. Without access to their money, business owners would need to find alternate funding.
Friday afternoon a local business owner brought two computers into my Gardner store and told me his story. Basically his bank (mine as well) halted his accounts due to suspicious activity. Someone or something had logged into his online account and created a new account.
During his conversation with the bank our mutual customer was told any computer used to access the accounts must be cleared of viruses. Without hesitation the customer brought both computers to be cleaned. Knowing the customer has industry specific software installed my technician performed a different type of process followed up a second time by me.
I rely on the internet quite a bit for researching new variances and viruses which target specifics; in this case gathering online banking information. My two go to sources for current viruses turned up nothing under Windows categories, but did turn up a surprise.
Turns out, a new bot was created for gathering banking information and was specifically targeted at Android based devices. The bot, a very nasty virus, installs via email. Though it can be delivered in any number of ways, it is most commonly disguised as an invoice or other common business document.
Banks and other organizations dealing with sensitive data have significant amounts of security features to catch fraudulent activity. For security reasons banks don’t release the algorithms or strings they monitor, but based on my history dealing with customers (and my own fraud alert) I’ve put together a short list.
Unusual purchases seem to be at the top of the list. Inputting an incorrect username and password too many times will cause the bank to stop activity on the account. Very small direct deposits or withdrawals will certainly raise suspicions and will cause a bank representative to make contact with the customer. Signing in from different IP addresses will initiate account holder validation.
It happens the bank we both use is a large bank that can support its own online division. Many smaller banks rely on third parties to manage their online business. Data is transferred from the bank to the subscription provider and is then stored and maintained by the third party. This, incidentally, was the only reason I made my decision to use my bank.
Smaller banks require a third party software utility which is supposed to add a level of security. I’m not convinced the software does anything. We have many virus infested machines come through the door with this utility loaded. Many customers have told me their banks haven’t blocked or restricted access even though their computers are loaded.
Online banking can be dangerous if not managed securely. Using virus laden equipment to check your online accounts is likened to not locking your house. Your money will probably be there the next day, but there’s always a chance someone will gain access. Your bank is partly responsible for maintaining a secure portal; the other half is on you for keeping your devices clean.
Outside of cleaning your internet devices, there are some basic rules for online security. First, a good password has eight characters with one capital, a symbol, and a number. Never use the actual answers for your challenge questions (I use retired passwords). I’d be a very rich man if I copied the passwords people write on Post-It notes and leave on their computers. Don’t make me rich.
(Jeromy Patriquin is the President of Laptop & Computer Repair, Inc. located at 509 Main St. in Gardner. You can text him directly at (978) 413-2840 or visit www.LocalComputerWiz.com.)