Work with your Bank to Prevent Corporate Account Takeover
Governor Frank Keating, President and CEO, American Bankers Association
Cybercriminals are increasingly taking advantage of gaps in small businesses’ security to transfer funds from accounts and steal private information, a fraud referred to as “corporate account takeover.” Criminals use spoofed emails, malware, and online social networks to obtain login credentials to your business’ account, which they then use to make illicit transactions.
Combating account takeover is a shared responsibility between your business and bank. Talk with your banker about the safeguards needed in your business and about programs available that help ensure fund transfers, payroll requests, and withdrawals are legitimate and accurate. Educate your employees about safe internet use and the warning signs of this fraud. To prevent account takeover, the American Bankers Association recommends that businesses consider these points:
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How do I protect my online environment? A secure network is important to protecting your business. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protection on your computers.
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What tools can I use to protect my business and where do I get them? Partner with your bank for a wide variety of safeguards to protect your account. Talk to your banker about Positive Pay and other services that protect you from unauthorized transactions through call backs, device authentication, multi-person approval processes and batch limits.
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What are warning signs of account takeover? 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 bank. Keep records of what happened.
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What are my responsibilities and liabilities if account takeover occurs? The account agreement with your bank will detail what commercially reasonable security measures are required in your business. It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover.