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  • Secure Online Banking for your Business

    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.

     

    Tips to avoid fraud

    So, what can you do?

    • Minimize the number of computers you use for online banking
    • Block pop-ups
    • Don’t use public Internet access points to access online banking
    • Use known and trusted anti-virus and anti-spyware/malware detection
    • Never open up attachments or click links on unsolicited emails

     

    With employees:

    • Establish user accounts/passwords for individual users and limit admin rights
    • Require employees to use strong passwords — change frequently
    • Quickly deactivate and remove access rights from employees who have been terminated or transferred

     

    How do I know if my system has been compromised?

    Make sure you monitor and reconcile your accounts at least once a day. A few key clues to detection include:

    • Changes in your computer’s performance
    • Loss of speed
    • Changes in appearance
    • Unexpected re-booting
    • Pop-up messages

     

    Suspect fraud?

    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.

     

    Effective response

    Contact your financial institution immediately and take the following actions:

    • Disable current online banking access
    • Change all passwords
    • Open new accounts
    • Check accounts for new payees, address/phone number changes, additional card requests, new users, etc.
    • Review all processed and pending activity — cancel anything appearing to be fraudulent immediately

    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.