SMB are at risk for fraudulent transactions

Flask Data provides a one-stop cloud subscription for EDC, data management and statistics.

Since we often relate to the security of a business through the eyes of our personal data security – it may come of a surprise that a SMB is exposed to data security threats where a personal card holder is protected.

As a consumer, having your online banking account credentials stolen — either via phishing or through password-stealing malware — can be a nasty experience, but it is  not a costly one. The federal Electronic Funds Transfer Act (“Regulation E”), limits consumer liability for unauthorized transactions to $50, provided notice is given within 10 business days, or to $500 provided notice is given within 60 business days. Even so, retail banks often will work to make whole those customers who are victims of online fraud.

On the other hand, SMB that bank online do not have consumer protection. The obligations of a commercial bank and their business customers are spelled out in the agreement that both parties sign;  generally business customers agree to notify their bank of any suspicious or unauthorized transactions on the same day that the transaction in question occurs. There is no guarantee that the bank will be able to block or reverse any fraudulent transfers, and since most SMB don’t perform real time transaction or data loss monitoring – the chances of complying with the agreement are slim.

Related Posts Plugin for WordPress, Blogger...

Flask Data is a technology company with a strong people focus. We are a diverse group of computer scientists and clinical operations specialists based in Israel, the US and India. We are accomplished at providing our customers with the most effective way to achieve high quality clinical data and assure patient safety. There is no single solution that works for every clinical trial. We work hard to understand your unique situation. We work with your team to develop the best solution to achieve high quality clinical data and assure patient safety the same day you engage with patients.

Flask Data – same data data and safety solutions for clinical trials.

Contact us to learn more

Tell your friends and colleagues about us. Thanks!
Share this

Leave a Reply