Corporate account takeover is fraud that has been placed upon business after thieves have gained access to their finances and bank accounts, and used this information to create unauthorized transactions. Some of these transactions include; stealing funds from the company, creating and adding new false employees to payroll, and stealing sensitive and vital customer information, that often is not recoverable.
Countless numbers of businesses have become victims to corporate account takeover in Florida, and their losses have ranged from a few thousand to several million dollars.
Personal bank accounts do enjoy a certain level of protection that business bank accounts just do not. Under Regulation E, there is limited liability for unauthorized electronic fund transfers affecting consumer bank accounts. But business bank accounts do not get this protection. Therefore, 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.
If you would like more information about Corporate Account Takeover Florida, contact us at InfoSightinc.com.