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.
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.
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.
If you would like more information about Corporate Account Takeover Tampa, contact us at InfoSightinc.com.