Corporate Account Takeover Alabama

Corporate Account Takeover in Alabama is an ever-increasing problem, and remains the single most online threat to customer accounts today.

What is Corporate Account Takeover?
Corporate account takeover is a type of fraud, where thieves gain access to a business’s 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.

Thousands of businesses have fallen victim to corporate account takeover in Alabama, and the losses have ranged from a few thousand to several million dollars.

Regulation E
Consumer bank accounts enjoy a certain level of protection that business bank accounts do not. Under Regulation E, there are liability limitations for unauthorized electronic fund transfers affecting consumer bank accounts. Business bank accounts do not get this kind or protection. So when business accounts are compromised, it often ends in litigation between the financial institution and their customer.

In an effort to protect both consumers and businesses from financial fraud, the Federal Financial Institutions Examination Council (FFIEC) has implemented new security guidelines for financial institutions in January 2012. These guidelines describe the measures financial institutions should take to protect Internet banking customers from online fraud and corporate account takeover. Three key components were addressed:

    1. Risk Assessments covering changes in threats, technology, and customer adoption of
        eBanking; transaction volume; actual incidents of security breaches, ID theft or fraud
    2. Layered Security and Anomaly Detection through Multi-Factor Authentication
    3. Customer Security Awareness and Education

InfoSight can assist you by providing:

    1. Your annual eBanking risk assessment
    2. A GAP analysis
    3. A restructuring of your entire risk management program
    4. A Security Review of your eBanking solution including online banking, MFA
        technologies and other associated eBanking products and applications
    5. Your Customer Security Awareness Program
      • Security Awareness “customer-ready” content for use as part of your consumer and
        commercial clients’ security awareness initiative.
      • Live webinar and onsite workshop education for your customers
      • Security Awareness Newsletter Production to reinforce your organization’s Security
        Program
      • Video “Quick Clips” for Website and e-Delivery
      • ISA Website Content
      • Polls and Surveys
      • Digital Banners for your website or ATMs
      • “On Hold” Telephone Messaging
      • Annual Progress Report to present to examiners

By implementing these sound business practices, financial institutions are able to safeguard their customers against corporate account takeover. These increased security procedures may help reduce the number of incidents, mitigating financial losses, business risks and reputational damage that can result from corporate account takeover attacks. Contact InfoSight to learn more.

Complementary Services
Vulnerability Assessment
Penetration Testing
Intrusion Detection and Prevention

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