What is Corporate Account Takeover?
Corporate account takeover is a type of fraud targeting business' finances to make unauthorized transactions, including transferring funds, creating and adding fictitious employees to payroll and stealing sensitive customer information.
Small businesses are being targeted especially since most do not have the same level of resources as larger companies to defend and upgrade their information technology systems. Also, many do not monitor and reconcile their accounts on a daily basis and small businesses may bank with a variety of financial institutions.
How do I protect my small business?
The first line of defense is training yourself and your employees. It is essential to have a strong security program and employee education program to protect your finances and customers. Below are tips to make sure your business is prepared.
Protect your online environment.
Partner with your bank to prevent unauthorized transactions.
Pay attention to suspicious activity and react quickly.
Understand your responsibilities and liabilities.
How can my business' system be compromised?
-An infected document attached to an email
-A link within an email that connects to an infected website.
-Employees visiting legitimate websites, especially social networking sites and clicking on infected documents, videos or photos.
-An employee using a flash drive that was infected by another computer.
What if my business' system has been infected?
-Immediately cease all computer activity and disconnect all Internet and network connections.
-Immediatley contact your financial institution to disable online access and open new accounts as needed.
-Maintain a written chronology of what happened and monitor transactions.
-File a police report.
For more information related to Corporate Account Takeovers, visit the American Bankers Association's website.