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Business Internet banking: A useful tool or a fraud death trap?

by , 25 July 2014
In this technical age, it's hard to avoid the Internet. It forms the basis of 90% of your company's activities. Even the way you handle your finances has gone digital.

The truth is, if your business doesn't use Internet banking to make and receive payments you're going to struggle!

But there's still some indecision about whether or not the move to Internet banking is the best thing for your business...

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Here's why business Internet banking is a useful tool 

 
The Internet makes everything happen faster. Even your financial management can now happen at the click of a button. 
 
You always have access to your company's money so you can check payments to and from your business.
 
It also saves you massive amounts of time that you'd have to spend in a cue at the bank.
 
Business Internet banking is the epitome of convenience. 
 
But it also makes your business vulnerable to fraud because you're not the only one who has access to your money...
 

Internet banking makes your business vulnerable to fraud

 
Business fraud is a big problem! Especially on Internet banking.  According to the Crime Complaint Centre, in 2012 South Africa listed in the top 11 countries for Internet banking fraud.
 
It can happen in a number of ways:
 
- Someone hacks into your banking profile and sends money to their account. 
- Employees get access to your banking profile and increase the monthly debit orders that pay their salary.
 
The bottom line is, you can't really run your business without Internet banking but you have to be very careful to protect your company.
 
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