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5 Ways to Protect Your Small Business from Ransomware Attacks

From an original article by Sarah Grano, American Bankers Association

Ransomware has become one of the fastest growing malware threats to small businesses. According to the FBI, in 2015, more than $1.6 million was lost due to ransomware attacks. The popular malware is used by cybercriminals to freeze business networks, servers, or individual computers, steal critical data and information, and demand that a ransom be paid.

Here are some ways you can avoid ransomware attacks:

  • Educate your employees – A strong security system paired with employee education about the warning signs, safe practices, and responses offer a strong first line of defense.
  • Manage the use of privileged accounts – Restrict users’ ability to install and run software applications on network devices.
  • Employ a data backup and recovery plan – Backups are essential to lessen the impact of potential malware threats. Keep the data on a separate device or offline.
  • Keep business devices up to date – Ensure antivirus and anti-malware solutions are set to automatically update and conduct regular scans.

In the event your business experiences a ransomware attack, contact your local FBI field office immediately. For more information and a helpful ransomware infographic, click here.

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Blog Business

Banking Tips for Small Business Entrepreneurs

From an original article by the Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) has an extensive list of banking tips for helping small businesses get the most from their banking relationships and avoiding frauds and scams. These tips cover everything from properly setting up deposit accounts and collecting payments to borrowing money and avoiding losses.
Here are just a few of the tips:

  • Know if all of your deposits are protected by FDIC insurance.
  • Don’t assume that the same rules apply to business cards and personal cards.
  • Establish a good payment record for your business.

To take a closer look at these helpful tips and more, read the full article.

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Blog Business Fraud & Security

Protecting Your Mobile Device

Today’s smartphones are incredibly advanced, offering easy, convenient access to your email, bank accounts, social media and more. Unfortunately, criminals are also seeking access to your mobile device. The Georgia Bankers Association and American Bankers Association have some tips for keeping your information and money safe:

  • Use the passcode lock on your device.
  • Logout completely when you finish a mobile banking session.
  • Install mobile security software.
  • Use caution when downloading apps.
  • Download updates for your phone and mobile apps.

To learn more ways to protect your mobile device, click here.

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Business Cash Management Growth & Capital

Convert Your Accounts Receivable into Liquid Cash

Could you increase profits by operating from an enhanced cash position? We would like to introduce you to a program that puts you on all-cash basis by providing working capital for your receivables from a local financial institution! The program, called BusinessManager®, provides companies with immediate cash for their outstanding accounts receivables. More than 30,000 businesses have discovered that this program is the key to running and growing their businesses more effectively.

Unlike a traditional line of credit secured by receivables, BusinessManager® converts your accounts receivable into liquid cash by bridging the gap between your payable due now and the receivables that are not due from your customers for another 30 days.

5 Benefits of the BusinessManager® program:

1. Improve Cash Flow – With predictable cash flow, you can make payroll, remit payables on time, increase inventory, and pursue new business opportunities.

2. Grow Sales – Pursue larger contracts and/or new customers that you otherwise could not accommodate due to limited working capital.

3. Save time and money – Take advantage of prompt payment discounts from suppliers and get back to doing business.

4. Offer financing to your customers – Sharpen your competitive edge by offering flexible payments terms.

5. Increase your Bottom Line – Enhance profitability by increasing sales and reducing costs! Having cash on-hand can make all the difference.

Here are a few more reasons you should look into BusinessManager®:

  • Realize growth opportunities
  • Extend credit terms
  • Take advantage of supplier discounts
  • Reduce debt
  • Operate with confidence

Contact one of our business banking experts to see if BusinessManager® is right for you!

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Blog Business

Tips for Using Facebook for Business

From an original article by Derek Walter, Business News Daily

As Facebook continues to evolve, some things remain the same – Facebook is a powerful and effective way for you and your business to connect with and market to customers. How do you maximize that opportunity?

Let’s look at some tips that can help make your Facebook page more robust and engaging:

  • Get a catchy URL – When it comes to branding your business, consistency is key. Select an @ username that reflects your business. Shorter is better so it can fit on business cards and other promotional material.
  • Pick the right template – Facebook offers several templates to fit a variety of business types. For example, if you own a restaurant, the restaurants and cafes template places images higher so you can show off the venue and menu items.
  • Pick the right call-to-action button – In the end, be clear about what you want your customers to do. It could be as simple as asking them to “Show Now” or “Contact Us.”

For many more tips on using Facebook to build your business, read the full article.

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Blog Business Fraud & Security

The Ongoing Battle Against Credit Card Fraud

From an original article by Heartland Payment Systems

The good news is that the implementation of EMV chip-enabled cards is making a positive impact in the battle against credit card fraud. However, unless you are one of the 2 million merchants nationwide that have fully made the switch to EMV smart payment card technology, your business is still vulnerable to costly chargebacks. In fact, fraudsters are actively seeking out non-EMV enabled businesses, racking up charges that will eventually be charged back to your business.

What you may find equally shocking is that it’s possible that fraudsters have been scamming your business for years without you knowing about it. Until recently, the issuing bank was taking the loss. Now, your business will be held liable if you haven’t upgraded to EMV.

If upgrading to EMV isn’t an option for your business, there are still some steps you can take. To learn what you can do to defend your business against credit card fraud, read the full article.

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Blog Business Cash Management General News

3 Ways to Stay Active in the Office

From an original article by Sammi Caramela, B2B writer

So, how are those New Year’s resolutions going? Many of us start the year with intentions of eating healthier and getting in shape. If things are not going as you had planned, don’t worry, you’re not alone.

It doesn’t help that most professionals work desk jobs. However, there are some ways you can stay active and burn calories without having to carve a big block of time out of your schedule:

  • Take the stairs – Simply switching from the elevator to the stairs is enough to get your heart pumping and your blood flowing. If you’re on a high floor, take the elevator part of the way and finish with a shorter walk up the stairs.
  • Stand up and stretch – Take a break when you can. Grab a cup of coffee or go out for lunch. Instead of emailing or calling a colleague, walk over and speak with him or her in person.
  • Try a desk workout – A desk is a great platform you can use to stretch your shoulders. It also provides stability for exercises like calf raises and chair squats.

It doesn’t take much time or effort to fit helpful exercise into your busy daily routine. With a little creativity and planning, you’ll be back on-track to achieving your fitness goals. To learn more about staying active in the office, including a suggested “desk workout” routine, read the full article.

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Blog Business Cash Management

7 Tips to Prevent Tax ID Fraud

Brought to you by the American Banking Association

As Americans begin the process of filing tax returns, identity thieves are scheming to get their hands on that money. Tax identity theft has been the most common form of identity theft reported to the Federal Trade Commission for the past five years.

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

Follow these tips to help prevent tax ID fraud:

  • File early. File your tax return as soon as you’re able, giving criminals less time to use your information to file a false return.
  • File on a protected wi-fi network. If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a wi-fi hotspot at a coffee shop.
  • Use a secure mailbox. If you’re filing by mail, drop your tax return at the post office or an official postal box instead of your mailbox at home. Some criminals look for completed tax return forms in home mailboxes during tax season.
  • Find a tax preparer you trust. If you’re planning to hire someone to do your taxes, get recommendations and research a tax preparer thoroughly before handing over all of your financial information.
  • Shred what you don’t need. Once you’ve completed your tax return, shred the sensitive documents that you no longer need and safely file away the ones you do.
  • Beware of phishing scams by email, text or phone. Scammers may try to solicit sensitive information by impersonating the IRS. Know that the IRS will not contact you by email, text or social media. If the IRS needs information, they will contact you by mail first.
  • Keep an eye out for missing mail. Fraudsters look for W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately.

If you believe you’re a victim of tax identity theft or if the IRS denies your tax return because one has previously been filed under your name, alert the IRS Identity Protection Specialized Unit at 1-800-908-4490. In addition, you should:

  • Respond immediately to any IRS notice and complete IRS Form 14039, Identity Theft Affidavit.
  • Contact your bank immediately, and close any accounts opened without your permission or tampered with.
  • Contact the three major credit bureaus to place a ‘fraud alert’ on your credit records:
    1. Equifax, www.Equifax.com, 1-800-525-6285
    2. Experian, www.Experian.com, 1-888-397-3742
    3. TransUnion, www.TransUnion.com, 1-800-680-7289
  • Continue to pay your taxes and file your tax return, even if you must do so by paper.

More information about tax identity theft is available from the FTC at ftc.gov/taxidtheft and the IRS at irs.gov/identitytheft.

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Blog Business Cash Management

Rising Trends in Small Business

From an original article by Adam Toren, Entrepreneur Magazine

Now more than ever, it’s easier for small businesses to maintain an effective presence through the use of social media, e-commerce, and Internet marketing. Using them successfully hinges on being current and informed on trends.

Here are some you should know:

  • Millennials – Their relationship with tech, brands, and services is non-stop. In return for improved products and services, 86% of millennials are willing to provide insight on the consumer habits.
  • Web Presence – Building and maintaining a web presence is extremely affordable now (in some cases, free). Social media duties can also be outsourced if you don’t have the time or workforce to handle it internally.
  • Online Lending – Applying for and acquiring capital is getting faster, simpler, and more convenient, mainly through peer-to-peer lending platforms.

These are only a few of the top small-biz trends. For a more in-depth look at these trends and others, read the full article.