Maximizing Security with Float: 5 Proven Tips
Our Risk team’s round up of important tips to help keep your account and cards safe.
February 4, 2023
Float has been built from the ground-up with financial control at the centre of everything we do. Float’s real-time spend management control lets you see financial transactions as they happen, and allows finance teams to:
- Issue physical or virtual cards by employee or vendor with spend limits and the ability to pause or cancel cards at any time
- Apply card controls like Merchant Controls to limit transactions to specific merchant categories
- Route and audit spend requests with multi-level approvals
On top of Float’s spend management controls, our Risk team works hard to keep your account and cards safe by monitoring for suspicious activity and working with our customers to implement best practices. Your team can help keep business spend secure with Float with these 5 tips:
Enhance account security and enable MFA or SSO
Protecting login details and having strong passwords are important steps to keeping your team’s accounts secure.
With Float, your team can enable multi-factor authentication (MFA) or single-sign on (SSO) for improved account security. Both MFA and SSO help prevent someone from accessing your account if they get hold of your username and password.
Review company transactions as they happen
Review transactions made on Float cards in real-time via the web-app, and ensure cardholders have notifications turned on for automated expense notifications and receipt capture. That way, cardholders are notified immediately when transactions are made and can be alerted to suspicious activity.
If you notice a suspicious transaction or a Float card is lost or stolen, immediately notify the Primary Admin or our Support team at email@example.com for help.
Cancel inactive cards
Regularly review your company’s Float cards to look for unused or inactive cards. Go to the “Cards” page and filter by Spender, Merchant, or Pause status to find cards to edit or delete. Our team can help bulk delete cards, just contact our Support team.
Also be sure to regularly review card limits and ensure recurring limits are still relevant. With Float’s Audit Logs, you can export a history of recurring cards and limit increases from the “Cards” page.
Review access to company information
Fund transfers to Float are completed via secure electronic pre-authorized debit agreements. All Admins have access to transfer funds to Float and can view transfer histories. Ensure access to your bank account is given only to those who need access.
Primary Admins will get notified of fund transfers. If you notice an unauthorized transfer to your Float account, please contact firstname.lastname@example.org and we will immediately review the activity.
Keep cardholders and users up-to-date
Remember to remove users and cardholders who no longer need access to Float or a Float card as soon as possible. Float can help remove users in bulk if you request as well!
Remember, it’s best practice to delete and create a new card instead of re-assigning a card if possible. If you have SSO set up, you should still remove the user’s associated card from Float.
All the resources
The Month-End: November
What's new at Float? Last month we launched our new Notifications Centre, earnings for Float Yield took effect, and weRead More
PCI-DSS: From Compliance to Certification
Learn about our dedication to safeguarding sensitive data with our recent PCI-DSS certification audit and new spend control features.Read More
Float Launches Canada’s First High-Yield Product To Help Canadian SMBs Navigate Inflation Challenges
Earn up to 2.7x the interest rate on CAD and USD balances vs traditional banksRead More