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Business Fraud

Protect Your Business from Account Fraud

Cybercriminals continue to target businesses with increasingly sophisticated attacks. They use spoofed emails, malicious software spread through infected attachments, and online social networks to obtain login credentials to businesses' accounts. Then, they transfer funds from the accounts and steal private information. This fraud is referred to as "corporate account takeover."

With corporate account takeover, thieves gain access to a business' finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable.

Battling this type of fraud is a responsibility of each business. At KS StateBank, we offer annual training to all of our Cash Management clients to help keep this important topic top-of-mind. Beyond that, however, these four tips can help keep your business safe.

  1. Educate your employees.  You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
  2. Protect your online environment.  It is important to protect your cyber environment just as you would your cash and physical location. Use secure Internet connections. Encrypt sensitive data and keep updated virus protection on your computers. Require complex passwords and change them periodically.
  3. Know which products and services are available to prevent unauthorized transactions. Talk to the bank’s Cash Management team about programs that you can implement to safeguard you from unauthorized transactions. Positive Pay and other services offer call backs, device authentication, multi-person approval processes and batch limits help protect you from fraud.
  4. Pay attention to suspicious activity and react quickly. Watch for unexplained account or network activity, pop-ups, and suspicious emails. If detected, immediately contact us at 800-588-6805, stop all online activity, and remove any systems that may have been compromised. Be sure to keep records of what happened.

 To further explain corporate account takeover, and what you can do to protect your business, the FTC has put out a Fraud Advisory for Business.

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