Cybercriminals are targeting small businesses with increasingly sophisticated attacks. Criminals are using spoofed emails, malicious software and online social networks to obtain login credentials to businesses’ accounts, transfer funds from the accounts and steal private information, a fraud referred to as “corporate account takeover.”
“Small businesses remain in the crosshairs of cybercriminals,” said Elaine Dodd, OBA vice president – fraud. “You can shield your company from an attack through a strong partnership with your financial institution.”
Combating account takeover is a shared responsibility between businesses and financial institutions. Bankers can explain the safeguards small businesses need and the numerous programs available that help ensure fund transfers, payroll requests and withdrawals are legitimate and accurate. Companies should train employees about safe Internet use and the warning signs of this fraud because they are the first line of defense.
“We’re far more effective at combating account takeover when we combine resources than going at it alone. Bankers can teach you about the tools your business can use to minimize this threat,” Dodd said.