Corporate Account Takeover Florida

A growing problem taking place today in the banking industry, is Corporate Account Takeover in Florida.

What is Corporate Account Takeover?
Corporate account takeover is fraud that has been placed upon business after thieves have gained access to their finances and bank accounts, and used this information to create unauthorized transactions. Some of these transactions include; stealing funds from the company, creating and adding new false employees to payroll, and stealing sensitive and vital customer information, that often is not recoverable.

Countless numbers of businesses have become victims to corporate account takeover in Florida, and their losses have ranged from a few thousand to several million dollars.

Regulation E
Personal bank accounts do enjoy a certain level of protection that business bank accounts just do not. Under Regulation E, there is limited liability for unauthorized electronic fund transfers affecting consumer bank accounts. But business bank accounts do not get this protection. Therefore, 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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