Corporate Account Takeover Indiana

Due to the increasing use of on line banking, there is a new threat of Corporate Account Takeover in Indiana.

What is Corporate Account Takeover?
Corporate account takeover is a form of fraud, where hackers have gained access to business’ finances, to make unauthorized transactions. These unauthorized transactions include; transferring funds from the company, adding fake new employees to a company's payroll, and stealing sensitive customer information, that may not be recoverable.

Everyday, businesses are falling victim to corporate account takeover crime, and the losses have ranged from a few thousand to several million dollars.

Regulation E
Although, consumer bank accounts enjoy a certain level of protection, business bank accounts do not. Under Regulation E, there are liability limitation standards for unauthorized electronic fund transfers that affect consumer bank accounts. Business bank accounts, however, do not receive this kind of protection. So if a business account is 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
  • 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