This is a guest post by Robert Fraser of Senior Exec Consulting an IT expert.

e-Transfers have been a wonderful convenience, especially as a small business, however there are some startling security issues.

So lets be honest, most of these can be traced back to lousy security habits on behalf of the person sending the e-transfer. Email systems being hacked and just plain bad passwords. The banks are backing away and not taking responsibility, so its time to do them properly.

Five things to increase security

If you use e-transfers or would like to (I’m a big fan), there are some simple things you can do to increase the security.

Let’s start with your email system:

Move away from the old POP and SMTP email systems. These systems are based on 1970/80s security. Microsoft Exchange or Google’s G Suite are great alternatives among others and they both allow you to use your own domain.

  1. No matter what – change your email password right now! Make sure it isn’t the same as any other password you use – your Facebook, LinkedIn or other sites. That way if one system gets hacked, they don’t have the password to everything.
  2. Use a minimum 8-10 character password. And here’s a tip – stop thinking of passwords and start using pass-phrases. Phrases are longer and are actually easier to remember.
  3. Make use of a password manager. Please get rid of that book with all the passwords crossed out or trying to remember them in your head. I personally use KeePass and sync it between all my devices through Google Drive.
  4. Change your email to use 2-factor security. Pretty much all email systems (Gmail, Outlook etc.) use 2-factor or MFA as an option and will eventually force them to be mandatory (as any Exchange user knows, Exchange is going through the switch now).

Three e-transfer tips

When using e-transfers, here’s a couple of tips:

  1. Use a passphrase instead of a word.
  2. Don’t send the passphrase by email. Verbally let the person you are sending the money to the password or use an encrypted messaging system such as WhatsApp. At the very least, send it to another email address that is different than the one you are sending the money to.
  3. If you receive a lot of e-transfers, register so they are automatically deposited in your account as soon as they are sent. No password needed and no one can change the receiving account on you.

These are just a few small things you can to increase your security. If you have any questions or need help, my contact information is below.

Contact Information         Robert Fraser – Senior Exec Consulting robert@srexecconsulting.ca

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