Corporate Account Takeover Chicago
Corporate Account Takeover in Chicago is on the rise, and even today,
it remains the single most online threat to your customer's accounts.
What is Corporate Account Takeover?
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.
There are countless numbers of businesses that have fallen victim to
corporate account takeovers in Chicago everyday, resulting in losses
that have ranged from a few thousand to millions of dollars.
Regulation E
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. 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
