Risky Business: How Secure Are Your Business Accounts?

In honor of this being National Consumer Protection Week, let’s take a moment to discuss something that keeps too many business owners up at night: account security.

Popular Community Bank recently enhanced the suite of services available to our business customers by offering great accessibility and mobile banking capabilities through Popular Business Mobile Banking.

This is a great tool to help owners continue working at the speed of business.

But with greater flexibility comes greater concern that information is available across so many channels. Let’s take a look at a few concerns many business owners have, and provide a few remedies.

When should I give someone my business account information via email?

Never. Popular Community Bank will never ask for your account information via email. In addition, we’ll never ask for a PIN or any other personalized access information through an email. If you are contacted for this information – called “phishing” – please forward the email to your business banker so we can address the situation immediately.

Can I give limited access to my business accounts to my accountant/lawyer/other trusted third party?

Yes, you can. We understand that your primary concern as a business owner is your business, and that there may be individuals you work with to provide assistance with taxes and other legal matters. Through Business Online Banking (BOB), you can delegate access to third parties on a limited basis. For more information regarding the ability to delegate access, contact your business banker.

What if my computer has a virus? Are my account protected?

Now they can be better protected. Popular Community Bank has partnered with Trusteer Rapport to offer state-of-the-art protection for your accounts online. Our system will now add an additional layer of security to work in conjunction with your own antivirus software to better protect your accounts, and will let us know if/when anything in your computer might attempt to hack into your accounts. This will help us to protect your accounts, and provide you with information to help you protect other information on your computer as we become aware of an issue.

Can I look at my business and personal accounts online at the same time?

Yes, you can. For many years, the linking of personal and corporate accounts was limited to Sole Proprietors using their Social Security Number as the applicable tax identification number for the business entity, but that is not longer the case.

Small business owners can link their personal and business accounts through the BOB system by completing a new form – “Rider for Linked Personal and Business Account Access.” This form can be obtained and completed at any branch, and is for the primary administrator’s accounts only. Not all business structures can use this system, so please contact both an accountant and your business banker for more details.

What other questions or concerns do you have as a business owner?

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