October is National CyberSecurity Awareness month, so we're focusing on a different aspect of cybersecurity each week (unfortunately there are many, MANY topics to cover). Today we're spotlighting a particularly invasive type of fraud: Corporate account takeover. Keep reading for great information from our trusted partners at the American Bankers Association on how you can remain #CyberAware.
Corporate account takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable.
The American Bankers Association offers the following tips for keeping your small business accounts safe:
1. Educate your employees. You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
2. Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
3. Partner with your bank to prevent unauthorized transactions. Talk to your banker about programs that safeguard you from unauthorized transactions. Some services offer call backs, device authentication, multi-person approval processes and batch limits help protect you from fraud.
4. Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If detected, immediately contact your financial institution, stop all online activity and remove any systems that may have been compromised. Keep records of what happened. Tools like Bank Independent's complimentary BI Card Guardian texts can alert you to potential debit card fraud and allowsyou to report unauthorized transactions immediately via reply text.
Visit the following websites to learn more about how to protect your small business:
· U.S. Chamber of Commerce: Internet Security Essentials for Business
· Federal Communications Commission: Small Biz Cyber Planner
· Federal Communications Commission: 10 Cybersecurity Strategies for Small Business
· Better Business Bureau: Data Security Made Simpler
· NACHA – The Electronic Payments Association Corporate Account Takeover Resource Center