Electronic payment security
There are different types of electronic payments
Learn what they are and how to make sure you're acting as safe as you can.
Payments such as CHAPS, SWIFT, BACS, Faster Payments and Online Banking have huge advantages over more traditional payment types.
If you don’t already use electronic payments, or you’d like to find out more, please contact your relationship manager.
How to stay secure
Although they are more secure than other, more traditional payment types, there are still some things businesses should do to ensure they are protected.
- Electronic payments come with built-in security, but there are additional steps you can take to protect your business, such as ensuring your computer is installed with some form of Antivirus software.
- You should also carefully consider who has access to electronic payment services and undertake regular reviews to ensure that only staff who continue to have a legitimate need are able to make payments on behalf of the business. Services such as Bankline allow you to define what specific tasks individuals are allowed to perform, and you can make payments subject to dual authorisation, so that no individual is able to key and authorise a transaction without independent oversight.
- Ensure strong passwords are set and maintained at all times. Never share your passwords with anyone.
- While a payment may be secure, it doesn't mean it is always genuine. Always consider the reason for your payment to make sure you aren't being scammed. Fraudsters can be very convincing however it's always worth taking five minutes and challenging something if it isn't right. For more information, read our guides below.