Did you know that in 2012 alone, cybercrime accounted for 38% of all economic crime at financial companies? Clearly, this is a scourge that is only growing worse and becoming more dangerous — with billions of dollars at stake. Today, the majority of businesses process their transactions online — ensuring greater threat of loss from online takeovers and unauthorized fund transfers. Why this rapid increase? The same innovation in technology that we appreciate and enjoy, also benefits fraudsters as they become more creative with the many tools at their disposal.
Truth is, there is no magic cure-all powerful enough to defend every system. Fighting the problem takes constant dedication, time and resources. And, small and mid-sized businesses tend to be the primary target. How does it all happen? The first step is for a criminal to target a business as his intended prey. Second step includes the installation of malware, then online banking sign on, data collection and voila – illicit transactions take place within an account.
So, what can you do?
Make sure you monitor and reconcile your accounts at least once a day. A few key clues to detection include:
Your business should have a contingency plan in place for system recovery and, if you suspect fraud, file a police report. Also, make sure your employees know how and to whom to report suspicious activity. If you are concerned, immediately stop all online activity and remove your computer from the network.
Contact your financial institution immediately and take the following actions:
In addition, maintain a chronological log of events and file a report with law enforcement.
For more information about best practices to avoid fraud on your business banking account, contact Tech CU at 800-448-1467.
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