Why is your email password the most dangerous key you own?
Your email is the front door to your business’s digital life. One stolen password can unlock banking logins, invoices, payroll, and vendor accounts. According to the FBI’s Internet Crime Complaint Center, email compromises caused nearly $2.8 billion in reported losses in 2024.
What should business owners do to protect their email?
- Don’t reuse passwords. If your email password is the same one you’ve used for years, or worse, across multiple accounts, you’re putting your business at risk.
- Use a password manager. It creates strong, unique passwords without forcing you to remember them all.
- Ditch free email for business. Running your company on Yahoo or Gmail screams “side hustle” and leaves you with less control. A custom domain not only looks professional but adds security.
- Turn on alerts. Whether in banking, email, or other critical systems, alerts are an early warning system for suspicious activity.
What if you think your email is already compromised?
- Change your email password immediately.
- Move multi-factor authentication (MFA) off email. Use text or an authenticator app instead.
- Check your recovery settings. Hackers may have changed backup emails or phone numbers.
- Review forwarding rules. Fraudsters often create silent email forwarding to steal information.
- Bring in an expert. You know your business, but cybersecurity requires specialists. Corey and our team at Locality Bank can connect you with trusted partners to help.
Want a deeper dive into protecting your business from cyber threats? Check out our Cybersecurity & Fraud Prevention Checklist for Small Businesses for a step-by-step guide.
FAQs: Protecting Your Business from Email Fraud
Q1: Why is email the #1 target for hackers?
Because it’s connected to everything: banking, payroll, invoices, and vendors. If they control your inbox, they control your business.
Q2: Is a free Gmail or Yahoo account really that risky?
Yes. They’re fine for personal use, but for business, they scream “small-time” and give you less control. A custom domain is a security upgrade and a credibility boost.
Q3: What are the hidden signs my email is already hacked?
Watch for sneaky forwarding rules, recovery settings you don’t recognize, or vendors getting strange requests from “you.” These are red flags that someone else is in your inbox.
Q4: What’s the very first thing I should do if I suspect fraud?
Change your password immediately. Then move MFA to an authenticator app, not your email. Speed matters.
Q5: Can Locality Bank really help with cyber issues?
Yes. While we’re not an IT company, we partner with trusted cybersecurity experts. If you’re not sure where to turn, we’ll connect you to the right help so you can focus on running your business.
Fraudsters are always evolving. To learn more about how they operate, and how to stop them, read Inside a Fraudster’s Playbook: Key Takeaways from Our “12 Ways of Fraud” Series.
Why does all of this matter for local businesses?
Fraud isn’t just about lost dollars, it’s about trust. Small businesses without IT staff are prime targets, and the damage can be devastating.
At Locality Bank, our mission is simple: to empower local businesses to maximize their potential. Protecting your digital front door is a crucial part of that.
If and when you need our help, give us a call at 954-799-0900.
Disclaimer: The information provided in this content is for general educational purposes only and does not constitute professional advice. Locality Bank makes no warranty, express or implied, nor assumes any legal liability or any responsibility for the accuracy, correctness, completeness, or any actions taken based on the information provided. Loan programs, terms, and requirements are subject to change. Deposit accounts are subject to account opening requirements. Always consult a qualified professional for specific guidance related to your situation.
