Corporate Account Takeover Miami

There is an ever-increasing problem today, and that is Corporate Account Takeover in Miami. This is the single most online threat to customer accounts.

What is Corporate Account Takeover?
Corporate account takeover in Miami is a form of fraud and theft, whereby cybercriminals  gain access to a business’ finances and make unauthorized transactions. These fraudulent transactions include; transferring funds out of the company's accounts, creating fake new employees and adding them to their payroll, and stealing sensitive customer information, which in many cases cannot be recovered.

There are an increasing number of businesses which have fallen prey to this corporate account takeover, and the losses are highly damaging to the business.

Regulation E
Consumer bank accounts do have a certain level of protection that business bank accounts do not. Under Regulation E, there are liability limits for unauthorized electronic fund transfers from consumer bank accounts. Unfortunately, business bank accounts do not have this type of protection. So if a business account gets 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