Corporate Account Takeover Tampa
There is a major online threat that has been affecting businesses
today. You need to learn more about Corporate Account Takeover in Tampa,
and
to make sure your business accounts are protected.
What is Corporate Account Takeover?
Corporate account takeover is a type of fraud, conducted when
cybercriminals gain access to a business' accounts and financials to
create unauthorized transactions. Some of the tactics which the thieves
use include; transferring funds from the company, creating and adding new
fake employees to payroll, and stealing sensitive customer information
that may not be recoverable.
Thousands of businesses have fallen prey to
these criminals, and have suffered severely from corporate account takeovers in
Tampa.
Regulation E
Under the Regulation E, there are liability limits for unauthorized
electronic fund transfers affecting consumer bank accounts, businesses
are not as lucky. Business bank accounts do not get this kind of
protection. 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
