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 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
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.
Each organization has unique business functions, which require appropriate security measures to be in place, to not only protect their organization from ACH fraud, but to comply with industry standards, ever-changing federal regulations, and state privacy laws.
If you would like more information about Corporate Account Takeover Chicago, contact us at InfoSightinc.com.