Corporate Account Takeover! ALL SMALL BUSINESSES NEED TO BE AWARE!
What is "Corporate Account Takeover"?
Cybercriminals are increasingly targeting small businesses to transfer funds from accounts and steal private information, a fraud referred to as "corporate account takeover." Criminals use spoofed emails, malicious software and online social networks to obtain login credentials to businesses' accounts, which they then use to make illicit transactions.
What can you do to prevent "Corporate Account Takeover"
Combating account takeover is a shared responsiblity between businesses and financial institutions. Bankers can explain the safegaurds small businesses need and the numerous programs available that help ensure fund transfers, payroll requests and withdrawals are ligitimate and accurate. Employees should be trained about safe internet usage and the warning signs of this fraud, as they are the first line of defense.
These tips will help to prevent account takeover
* Protect your online enviorment. It is important to protect your cyber enviorment just as you would your physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated anti-virus and anti-spyware protection on your computers. Change passwords from the default to something complex, including point of sale terminals.
*Partner with your bank for payment authentication. Talk to your banker about the services that offer call backs, device authentication, multi person approval processes, batch limits and other tools that hlep protect you from unauthorized transactions.
*Pay attention to suspicious activity and react quickly. Put your employees on alert. Look out for strange network activity, do not open suspicious emails and never share account information. If you suspect a problem, disconnect the compromised computer from your network and contact your banker. Keep record of what happened.
*Understand your responsilities and liablities. Small businesses should take "commercially reasonable security measures." It is critical that you understand and implement security safegaurds. If you don't, you could be liable for losses resulitng from a takeover. Talk to your banker if you have questions about your responsblitiles.
To learn more see the American Bankers Association's Small Business Guide to Corporate Account Takeover
Read more about National Cyber Security Awareness month at
All information provide courtesy the ABA.