In today's society, eBanking services have become the norm. More of your customers are choosing this easier form of banking, but they need to realize the risks. Especially with eBanking and wire fraud. Unfortunately, cybercriminals have discovered how to steal your customer’s hard-earned money. They use a variety of tools including phishing emails, compromised legitimate websites, fake friend requests on social sites, and malware to obtain your customers’ bank logon credentials.
As soon as they have this information it is very easy and fast for them to clean out your customers of their entire accounts by committing wire fraud. These cybercriminals prefer to chose small-to-medium-sized businesses as their targets because these businesses often do not use dual controls on their accounts nor have they adopted a strong information security posture to mitigate wire fraud.
Your business needs to establish a strong information security posture, it is not as simple as installing a firewall or having anti-virus protection to mitigate Wire Fraud. You must put in place the right security programs to help protect your customers from this crashing crime that is on the rise. Complying with industry standards, ever-changing federal regulations and state privacy laws are not going to safe guard your systems.
In an effort to protect both consumers and businesses from wire 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 wire fraud and other forms of financial fraud..
If you would like more information about Wire Fraud, contact us at InfoSightinc.com.