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.
Cyber thieves target employees through phishing, phone calls, and even social networks. It is common for thieves to send emails posing as a bank, a delivery company, court or the Better Business Bureau. Once the email is opened, malware is loaded on the computer which then records login credentials and passcodes and reports them back to the criminals.
Corporate account takeover is a growing threat for small businesses. In 2011, seventy two percent of data breach cases affected businesses with 100 employees or less. It is important that businesses understand and prepare for this risk. Click here for guidance from the American Bankers Association (ABA) about protecting your small business from Corporate Account Takeover.
Where should you go for additional information?
- Internet Security Essentials for Business (U.S. Chamber of Commerce)
- Small Biz Cyber Planner (FCC)
- 10 Cybersecurity Strategies for Small Business tip sheet (FCC)
- Data Security Made Simpler (Better Business Bureau)
- Sound Business Practices for Businesses to Mitigate Corporate Account Takeover (NACHA – The Electronic Payments Association)