A corporate account takeover is a form of fraud. It occurs when thieves have gained access to a business’ accounts and finances, and make unauthorized transactions. Some of these fraudulent transactions include; transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information.
There are too many businesses that have lost thousands, even millions of dollars, as a victim of corporate account takeover in Orlando.
Under Regulation E, there are liability limitations for unauthorized electronic fund transfers affecting consumer bank accounts. Consumer bank accounts enjoy a certain level of protection but business bank accounts do not. 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
If you would like more information about Corporate Account Takeover Orlando, contact us at InfoSightinc.com.