What is Corporate Account Takeover and how can it be prevented?

Takeover is an evolving electronic crime typically involving the exploitation of businesses of all sizes.  These businesses are vulnerable to theft when cyber thieves gain access to its computer system to steal confidential banking information in order to impersonate the business and send unauthorized transactions to accounts controlled by the thieves.

The bank has procedures in place to protect, detect and respond to corporate account takeover and fraudulent activity when you utilize on line banking. However, it is important and necessary for you and your employees to follow established security practices. The following are security practices you can implement to reduce the risk of theft.

  1. Provide continuous communication and education to employees using online banking systems.  Passwords must NEVER be shared and should not be written down or saved in an area that others have access to.
  2. Allow employees only the access they need to perform their job functions.  Establish dual control on transactions within on line banking wherever possible or necessary.
  3. Update anti-virus and anti-malware programs frequently.
  4. Update, on a regular basis, all computer software to protect against new security vulnerabilities.
  5. Utilize resources provided by trade organizations and agencies that specialize in helping small businesses. A list is provided below.
  6. When accepting emails from vendors or clients that include payment details or a change in established information, confirm the validity of the instructions with a known contact via phone.  Be sure to pay close attention to email addresses and requests of this nature.
  7. Monitor your bank accounts daily.  Enable security and account alerts on your accounts to be notified when certain activity occurs.
  8. In preparation for a potential occurrence, have an Incidence Response Plan ready for your business.

Contact the bank immediately if you suspect there is fraudulent activity on your account. The bank will never ask you for your password verbally or by any other means other than the log in screen.  If you are asked for your log in password or your secure access code by anyone, please contact the bank immediately.

Business Resources Are:

  1. THE BETTER BUSINESS BUREAU’S WEBSITE ON DATA SECURITY MADE SIMPLE
  2. THE SBA’S GUIDE ON PROTECTING AND SECURING CUSTOMER INFORMATION
  3. THE FEDERAL TRADE COMMISSION’S (FTC) BUSINESS GUIDE FOR PROTECTION DATA

Please contact us at (845) 341-5000 or contact your Branch Manager should you have any questions regarding Corporate Account Takeover.

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