Corporate Account Takeover is on the rise, and even today it remains the single most online threat to your customer's accounts. Corporate account takeover is a type of fraud in which cyber thieves access a business' finances and accounts, making unauthorized transactions. Some of these transactions include; transferring funds out of the company's accounts, adding fake new employees to your payroll, and retrieving vital customer information that is often not recoverable.
Consumer bank accounts do have a certain level of protection that the business accounts do not. Under Regulation E, there are limited liabilities limits for for unauthorized electronic fund transfers affecting consumer bank accounts. 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.
InfoSight can provide your organization with the assistance you need for effective email social engineering prevention. Training your people is always a good place to start when managing the quality of your security profile. If you would like more information about email social engineering contact us at info @ InfoSightInc.com.
If you would like more information about Bank Customer Security Awareness Education, contact us at InfoSightinc.com.