Financial Crime World

Online Banking Fraud Prevention Tips in SVALBARD AND JAN MAYEN

As online banking becomes increasingly popular in Svalbard and Jan Mayen, it’s crucial for businesses to take steps to protect their accounts from fraud. The Financial Services Information Sharing Analysis Center (FS-ISAC) and NACHA have developed recommendations to help business customers prevent corporate account takeover.

Account Controls

To secure your online banking credentials, educate yourself about account features that may protect your accounts, such as:

  • Check cashing limitations
  • Automated payment filters
  • Reconcile all banking transactions on a daily basis
  • Initiate ACH and wire transfer payments under dual control, with a transaction originator and a separate transaction authorizer

Customer Best Practices

To secure computer systems, consider the following best practices:

  • Use a stand-alone, hardened, and completely locked down computer system for online banking activities.
  • Be cautious of emails purporting to be from financial institutions or government agencies requesting account information. Avoid opening file attachments or clicking on web links in suspicious emails.
  • Install a dedicated, actively managed firewall, especially if you have a broadband or dedicated connection to the Internet.
  • Create strong passwords with at least 10 characters that include mixed case letters, numbers, and special characters.
    • Prohibit shared usernames and passwords for online banking systems.
    • Use a different password for each website accessed and change it regularly.
    • Limit administrative rights on users’ workstations to prevent malware or virus downloads.
  • Install commercial anti-virus and desktop firewall software on all computer systems.
  • Ensure virus protection and security software are updated regularly.
  • Regularly patch operating system and key application with security patches.

Additional Tips

  • Clear the browser cache before starting an online banking session to eliminate stored web pages.
  • Verify use of a secure session (https) in the browser for all online banking activities.
  • Avoid using automatic login features that save usernames and passwords.
  • Never leave a computer unattended while using online banking or investing services.
  • Stay informed about account agreements and customer liability for fraud under the Uniform Commercial Code.

By following these online banking fraud prevention tips, businesses in Svalbard and Jan Mayen can significantly reduce the risk of corporate account takeover.