Since our theme this month is anti-laundering and security, let’s take the time to remind ourselves of some simple steps to take to safeguard yourself against wire fraud.
It’s scary to think that there are people out there just biting at the chomp to steal our data.
I mean really, where do they find the time? It boggles our minds.
But unfortunately, they exist. And it is up to us to make the task as hard as possible for them.
Top 10 tips to protect yourself against getting hacked
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No bank details over the Web
This is a big no-no. Never get bank details sent to you over the internet – even in an email. Ring your clients yourself and get the details over the phone and enter it yourself into the software. It’s worth the extra effort this process takes.
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Do not send back details to your external parties
Again, these emails can be intercepted and bank details changed in a second.
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Check all new suppliers
For any new suppliers you bring on board, ring and check their bank details personally.
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Change permissions in your software
This is an important one to ensure quality control and ownership. Change permissions in your software to only allow business owners or senior staff to change bank details.
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Do not change bank details
Do not change bank details in any software unless you have spoken directly to the person. Again, you’ll see a trend here of verbal approvals only – no emails or text messages.
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Two FA everything
This may sound extreme and we know it can be tiresome, but 2 factor authenticate everything.
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Get insurance
If you don’t yet have cyber insurance, you really should. We won’t lie, it does cost a pretty penny, but it is 100% worth it if your client’s details are ever stolen and you are liable. Oooh the shudders. (Plus it is a tax deduction)
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Do not leave old staff in your software.
When staff move on, ensure you change the portfolio and then remove them on the same day they leave. Do not leave them in the system milling around. You just never know.
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Do not keep bank files in your downloads
There have been cases where malware was on people’s computers and bank details were changed before the files were updated at the bank. It is possible and it does happen. Trust us.
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Get an IT pro on your team
Ensure you have a decent IT company on call and they are regularly performing all security updates to keep your data safe.
If you haven’t yet read our blog on getting up-to-speed with the new anti-money laundering reforms, please do so and start actioning asap.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 26 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.