Cash flow technology can help businesses safeguard themselves against fraud.
How Technology is Making Cash Flow Simpler, Safer and More Efficient
Keeping an eye on your payables, receivables and available cash is critical to your business success. Technologies are available to help make cash flow management simpler, less time intensive, and more accurate than ever.
Online threats will persist, but so are the efforts to combat attacks such as hacking, viruses, and malware. Protecting your valuable data – and your customers’ data – is priority one as upgrades and new solutions are released.
Here are a few of the solutions available to help protect your assets and customers, while improving your cash flow management and overall productivity.
- Positive Pay – This solution helps protect against check and ACH fraud by comparing check-paid items against your issue information to identify potential discrepancies. Positive Pay variations include Payee Name Verification, Perfect Posting Positive Pay (to reduce coding errors before a check clears), and Reverse Positive Pay (to help you maintain your issue file and reconciliation).
- Firewalls – Using software or hardware firewalls can help you better control internet traffic coming into and out of your computer networks. You have the flexibility to customize firewall settings to the exact security levels needed to protect your online transactions and communications.
- Anti-Virus Software – There are a variety of effective anti-virus packages available to help scan your computers and networks for hidden viruses and malware. But anti-virus software is only effective if you keep it up to date. Remember to download new software releases when available to protect against newly launched threats.
- Browser-Based Security Software – Most internet browsers have built-in security features that can provide an added layer of online protection. This can include malware protection and do-not-track functions to block unwanted tracking capabilities when you visit other sites. Third-party software is also available to help check the safety ratings of sites and warn you of potential threats before you click through.
- Awareness Campaigns – Sometimes the easiest form of protection is word of mouth. Talk to your employees about online threats and the security measures available to them. Security practices should be established and enforced to make sure your data, identities and finances are better protected.
Nearly all technologies can be scaled to fit your business growth. Be sure to consider security upgrades as your business needs change.
Most importantly, stay diligent. Online threats are as real and potentially more damaging as a thief breaking into your business. So when you lock up at night, don’t forget to protect your valuable data, too.
The views expressed by the author are not necessarily those of Fifth Third Bank and are solely the opinions of the author. This article is for informational purposes only. It does not constitute the rendering of legal, accounting, or other professional services by Fifth Third Bank, National Association or any of their subsidiaries or affiliates, and are provided without any warranty whatsoever. Deposit and credit products provided by Fifth Third Bank.