What is Corporate Account Takeover?
Corporate Account Takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transaction. It is a form of Business Identity Theft, and it can cause huge financial losses for businesses, communities, and banks.
What Can You Do to Protect Yourself?
A shared responsibility between the bank and the business is the most effective way to prevent Corporate Account Takeover. Consider these tips to ensure your business is well prepared:
- 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.
- 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.
- Partner with your bank to prevent unauthorized transactions
Talk to your banker about programs that safeguard you from unauthorized transactions. Positive pay and other services offer call backs, device authentication, multi-person approval processes and batch limits help protect you from fraud.
- 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.
- Understand your responsibilities and liabilities
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 held liable for losses resulting from a takeover.
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