Corporate Account Takeover Georgia

Corporate Account Takeover in Georgia is on the rise and continues to be a high online threat to customers' financials and bank accounts.

What is Corporate Account Takeover?
A Corporate account takeover is a highly advanced type of fraud, perpetrated on the internet. Cyber thieves actually gain access to a business’ finances and proceed to make unauthorized transactions. Some unauthorized transactions, include transferring funds, creating and adding fake employees to payroll, and stealing sensitive customer information, that may not be recoverable.

There are too many businesses that have been victims of corporate account takeover in Georgia, with losses that have ranged from a few thousand to several million dollars.

Regulation E
Consumer bank accounts do have a certain level of beneficial protection which business bank accounts do not. Under Regulation E, there are liability limits for unauthorized electronic fund transfers affecting consumer bank accounts. But business bank accounts do not have this kind of protection. So when business accounts are perpetrated, 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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