Easy Steps for Cyber Safety with Financial Transactions

Alright folks, buckle up because we’re about to get real about cyber-attacks and safeguarding your online transactions. 

Here’s the thing: 

If you’re not on top of your cyber security, you might as well be leaving your front door wide open with a sign that says, “Help yourself!” 

Cyber Security: The Non-Negotiable Pillar of Online Finance 

You’ve heard the story: 

You’re going about your normal workday, clearing out your inbox for the millionth time, and then—bam!—you get an email that LOOKS like it’s from your bank, that probably says something along these lines: 

‘Notice: Large transaction made outside of the US’ 

‘WARNING: Your account will be closed due to inactivity’ 

‘Change of password required immediately’ 

‘HR: Please update your W4/1099 for our records’ 

‘Dropbox: Document shared with you’ 

In a rush, you click the link and hand over the details … and then moments later, your account is drained. 

Sound scary? It should. I bet it’s probably happened to you or someone you know. 

And that’s the reality of online financial transactions today; if you’re not careful, you could lose more than just money—you could lose your peace of mind and trust in your financial systems. 

This is your wake-up call. 

Cyber threats aren’t just lurking around; they’re coming straight for you. And it’s not a matter of if you’ll be targeted, but when.  

And phishing scams, in particular, are getting slick. 

Behind these scams are experts whose full-time job is making you believe you’re clicking on something legit. They create a sense of urgency to make you act quickly without thinking. 

Their tricks become more sophisticated as technology advances, and as business owners, we’re prime targets. 

Just remember: If something feels off, it probably is. 

Take a breath and trust your gut. 

(Quick tip: Always—and I really mean always—double-check who’s sending you an email before you click on ANY link. Better yet, hover over the links and see where they really lead, and if it looks suspicious AT ALL, do not click. When in doubt, pick up the phone and call the sender/client/bank directly using a trusted number.) 

The Dark Web: Your Data’s One-Way Trip 

One of the most misunderstood aspects of cyber security is the dark web. It’s not some abstract concept from a spy movie. 

Simply put, it’s an unmonitored part of the internet. 

More accurately put, it’s where every compromised piece of your data eventually ends up, often in the form of email and password combinations being sold to the highest bidder. 

Your business emails, client details, financial records—everything could end up there if you’re not careful, accessible to anyone who knows where to look. Yes, the thought is terrifying (it’s called the dark web for a reason), but there are ways to protect yourself. 

Do these two things TODAY, if you haven’t already: 

• Change Your Passwords Regularly: Don’t be that person who uses “password123” for everything. Mix it up, make it complex, and change it every 90 days. This is your first line of defense.
• Enable Multi-Factor Authentication (MFA): Think of it as adding a second lock to your front door; even if someone gets your password, they’re not getting in without that second key. (Look, I get it—two-factor authentication (2FA) can be a nuisance when you just want quick access to an account. But trust me, the headache of dealing with a hacked account is waaaaaay worse.) 

The Enemy Within 

Not all threats come from outside your business. Sometimes, the danger is sitting right at the next desk. 

Maybe it’s an employee who accidentally downloads malware, or maybe it’s someone who’s just a little too curious about things they shouldn’t be. Either way, it’s your job to make sure everyone’s playing it safe. 

• Monitor and Audit: Regularly monitor your systems for unusual activity. Set withdrawal alerts on bank accounts, set daily maximums, and set notifications for logins on new devices.
• Update and Upgrade: Make sure all your software is up to date, as those updates often have critical security fixes. And if you don’t have solid antivirus or anti-malware software, GET ONE.
• Implement Access Controls: Not everyone needs access to everything. Keep it tight and only let employees see what they need to.
• Regular Training: Educate your team (or bring in a professional) on the best cyber security practices to keep them sharp—regularly. Scammers and hackers learn new schemes fast, and the more your team knows about the latest threats, the better they can protect your business. 

Stay Sharp, Stay Safe 

Considering all this, it’s no wonder why 88% of small business owners feel their business is vulnerable to a cyber-attack. 

But here’s the frustrating part: while the risks are undeniable, many small business owners find themselves in a tough spot. 

They recognize the dangers but feel powerless to protect themselves because they simply can’t afford hiring professional cybersecurity solutions. 

And it’s a catch-22: you need strong cybersecurity measures to protect your business, but the cost of implementing these measures can be prohibitive, especially for those already operating on tight margins. 

In fact, smaller businesses are often seen as low-hanging fruit by cybercriminals because they know that these companies are less likely to have robust defenses in place. 

If you’re serious about locking down your business from cyber threats, I’ve got a buddy named Travis Barker, the CEO of EZ IT Solutions*, who’s currently offering a FREE 30-minute Accelerator program that can protect your business from 99% of cyber threats in just 14 days. 

Curious? 

Check it out here: Secure Your Business. 

Here’s the bottom line: cyber security isn’t something you can set and forget. 

It’s an ongoing process, just like running your business.  

But understanding that you don’t have to do it all at once, and that incremental improvements can still have a big impact, is key to navigating this challenge. 

And now, you’ve got the tools to stay vigilant, stay informed, and stay one step ahead of the bad guys. 

Stay safe out there! 💻🔐 

*For all other tech needs, from fully- or co-managed IT services, to data backup and recovery, to firewall and network management, I recommend you contact the EZ IT team. They protect your present while preparing you for the future — all while tenacious about maximizing your ROI. I’ve used them for years now, and they have transformed my approach to cybersecurity from a necessary expense to a strategic asset. 

**A Note on Cryptocurrency Safety 

As cryptocurrencies like Bitcoin and Ethereum continue to gain traction, it’s important to understand that with any new frontier in finance comes new risks.  

Cryptocurrency can fall victim to similar cyber-attacks and scams as traditional online banking. 

For one, crypto transactions are irreversible, and if you fall victim to a scam or hacking attempt, there’s no bank to reverse the charges or insurance to cover the loss. 

If you’re considering stepping into the world of cryptocurrency, here are a few critical steps to protect your investments: 

• Use a Secure Wallet: Ensure you’re using a reputable and secure digital wallet for your cryptocurrency. Hardware wallets are generally considered safer than software wallets, as they are less vulnerable to online hacking attempts.
• Double-Check Addresses: Cryptocurrency transactions are final and irreversible. Before sending funds, double-check the recipient’s wallet address. One wrong character can send your money to a completely different account.
• Beware of Scams: The cryptocurrency space is ripe for scams, from fake exchanges to phishing attacks. Only use reputable exchanges and be wary of offers that seem too good to be true.
• Enable Two-Factor Authentication: Just like with your other online accounts, enabling 2FA on your cryptocurrency wallet can add an extra layer of security.  

For a general overview on cryptocurrency and its impact on entrepreneurs, you can read my previous blog post or catch S4E8 of the Cashflow Podcast on your favorite platform.

Author, Virtual CFO, and Finance Coach
“Your First CFO: The Accounting Cure for Small Business Owners” on AMAZON
“Founder to Exit: A CFO’s Blueprint for Small Business Owners” on AMAZON