A recent breach of a local church’s bank account has raised awareness over the proper use of security measures. Having gained illegal access to the church’s bank account using legit security codes and passwords, a hacker was able to withdraw over $170,000 via the Internet. Only $30,000 was recovered from the bank - the remainder of the amount never to be refunded.
Incidents such as these emphasize the importance of reviewing your
internal financial procedures at your firm as well as securing your own
personal accounts. One precaution a bank has taken involved installing
programs that change passwords every 30 seconds. On the less extreme
end, you may want to consider implementing a regular process to amend
and change your codes and passwords every few weeks. The costs of
having a security breach far exceed the costs of regularly changing
your passwords. Embezzlement of this sort can lead to further fraud and
even identity theft. Other steps you can take include limiting access
to bank accounts and seeking advice from your bank and insurance
carrier for ideas to keep this from occurring to you.
- Brian Terrell, CPA and Managing Partner