Small manufacturers, in fact many small businesses, feel that they’re business is too small to be of interest to hackers. That’s not true. Hackers want to steal personal data, money and anything else they can use to make financial gains or some other nefarious reason.
Bank of the West published a 6 page white paper which helps outline some ways to be more secure.
Some of the tips include:
- Develop an approval process for large transactions. Require approval from two or more executives for large wire
transfers to protect against internal and external fraud.
- Use a purchase order model for wire transfers. Many companies require a purchase order number to spend money. Apply this model to match all wire transfers to a purchase order reference number, which provides another layer of control by requiring an approval for wire transfers and a verification of that approval.
- Confirm and reconfirm. Use multiple means of communication to verify wire transfers are legitimate. If the initial request comes in email, then call the person to get a verbal confirmation and vice versa.
- Stay in touch with your bank. If a transaction seems suspicious at any point in the process even after a wire has been sent contact your financial institution immediately.