Corporate Account Takeover

Corporate Account Takeover is the equivalent of personal identity theft. It is a fast growing electronic crime where hackers typically use some form of malware to obtain online banking credentials or remote control of corporate computers targeting small and medium businesses. These hackers will then drain the deposits of the compromised bank accounts.

As a business owner, you need an understanding of how to take proactive steps to avoid, or at least minimize, most threats.

• Restrict functions for computer workstations and laptops that are used for Online Banking and payments
• Apply operating system and application updates (patches) regularly
• Ensure that anti-virus/spyware software in installed, functional and is updated with the most current version
• Have host-based firewall software installed on computers
• Always initiate ACH and wire transfer payments under dual control
• Reconcile your business bank accounts daily
• Turn off your computer when not in use

Call us immediately at 817-335-5955 if you believe that your West Side Bank & Trust account has been compromised.

Resources

• The Better Business Bureau’s website on data Security Made Simpler
• The Small Business Administration’s (SBA) website on Protecting and Securing customer Information
• The Federal Trade Commission’s (FTC) interactive business guide for protecting data
• The National Institute of Standards and Technology’s (NIST) Fundamentals of Information Security for Small Business
• The jointly issued “Fraud Advisory for Businesses: Corporate Account Takeover” from the U. S. Secret Service, FBI, IC3, and FS-ISAC available on the IC3 website
• CorporateAccountTakeOver.pdf or the FS-ISAC
• NACHA-The Electronic Payments Association