Protecting Your Business' Accounts

Online Banking Security

Establish a dual control process to initiate and send transactions when Cash Management Services are used.
Under dual control, one user is responsible for initiating transactions and another user is responsible for approving transactions and sending to MVB.
If the dual control process is declined, it is acknowledged that the business is receiving less protection from unauthorized activity and elects to accept the additional risk, waiving MVB of any potential liability.

MVB recommends using a unique security code (“Token Code”) generated by a software token.
If any entity attempts to gain access to the Business Online Banking Service and enters the incorrect User ID, Password, Authentication Code, or Token Code, they will not be permitted access to the service.

When paying invoices, be sure they are for authorized services or products that were purchased.
Always follow up by phone with the originator of the email or check remitter and do not rely on the contact information included in the email or on the check if possible.
Ensure all necessary users are set up to receive alerts through the company’s login, and question activity if anything looks uncertain.
Each authorized user of the company should have their own unique username and password.
Always confirm you are speaking with an actual customer. Call the customer’s number on record to confirm the information.

Each authorized user of the company should have their own unique username and password.
Establish verification email notifications at the time of Cash Management service setup.
Ensure procedures are in place to immediately restrict an employee’s access upon termination.