For anyone with the daily dealing in the financial industry knows well that the security issues and concerns are looming over by the thread. Every now and then, our business world is occupied with a headline of the data breach due to the malicious activities from hackers and malware which further results in costly non-compliance issue.
Though the conventional fax machine is not much preferred by ones working in the financial industry, however, they do realize the importance of on-time transmission of documents such as a mortgage, stock, tax, etc as well as the secure handling of the same. To make a mistake with such critical information can prove to be fatal for any organization.
Failing to comply with industry standards such as the Financial Modernization Act of 1999 or GLBA (Gramm-Leach Bliley Act) can result in huge penalty and fines associated with the violation or breach. Mandatory regulations like GLBA, SOX (Sarbanes-Oxley Act) & Payment Card Industry Data Security Standards (PCI DSS) oversee the business between banks, brokerage houses, car dealers, mortgage firms, etc. and other financial institutions. It is quite obvious that more secure data transfer and management system than email or traditional fax machine is preferred by many organizations in the financial sector.
Online Faxing Best Practices for Banks & Financial Institutions:
1) Gain Customer Trust
Banks and financial institutions care utmost for the reputation and their customer’s trust. To maintain a high level of trust and reputation, banks need to make sure that their customer’s information is handled in a safe, secure and reliable manner. By projecting that the bank is using the best online fax service such as ‘iFax’, where each transmission is end-to-end encrypted with 128-bit TLS to not only entrust your current customers but also to attract more audience.
2) Send Faxes Securely
It is easier to send an email with attachment but you are risking everything if you are trying that with sensitive or confidential information in the email. Neither it is safe or feasible to send documents via fax machines due to prying eyes, busy signals, not eco-friendliness and many more reasons. But with iFax – you can connect to any leading cloud storage account and upload your documents from the web, email or computers and attach them as you would normally with your regular email account. Your attachment is fully encrypted along with any other content or data to give you far more benefits of a fully compliant document transfer system.
3) Receive Faxes Securely
Receiving faxes requires constant attention for two reasons: one is to make sure that entire transmission is received and second is to check that it doesn’t fall into unauthorized personnel. All this tedious process is eliminated once the company employs a smart solution through internet fax services. Your sent faxes will be received only by the intended recipient just like an email. Moreover, you could also organize all the received faxes so as to pull them back instantly when you need them. This would also reduce clustering your office space.
4) Avoid Compliance Penalty
One of the best ways for any financial business to avoid any compliance penalty is by ensuring to remain under and follow document management guidelines and standards.
Since technology has evolved in every aspect and one of the most important transformative event that the world witnessed was the time when not long ago the old methods of sending faxes were replaced by “Internet or Online Fax”. Whether you refer to it as ‘electronic faxes (e-faxes), internet fax, online fax or digital fax’, the only trustworthy name that rings a bell is “iFax”. iFax has become the industry leader in providing online fax services either to send and receive faxes online through its amazing features, speed, and efficiency.