How to Protect Your Corporate Accounts From Scammers

If you’re in charge of managing the financial accounts of a company you work for or are responsible for handling the accounts of a small business, you could become a target of fraud. Cyber criminals are becoming increasingly better at handling transfers between financial accounts of small and medium-sized businesses, resulting in substantial monetary losses. In many cases, these funds cannot be recovered and the company soon finds itself facing serious financial problems. Here are some important things you should know about avoiding cyber criminals who take over corporate accounts:

How Do Cyber Criminals Conduct Fraudulent Transfers?

Cyber criminals use different methods to gain access to a company’s financial accounts. In most cases of corporate account takeovers, a cybercriminal has been able to use the personal information and log-in credentials of a senior executive, VP, or other employee to steal money from the business’s accounts. Cyber criminals may also look to access proprietary information about the company, steal and sell customer lists, and spread viruses through the company’s network in an effort to damage the business’s operations and reputation. They employ various technological and non-technological methods to manipulate the victim and trick them into disclosing personal information or account information. They often send employees unsolicited emails that ask for personal or account information or send attachments that are infected with malware. They may also use different method sot trick employees into clicking a link or opening an attachment.

How Cyber Criminals Take Over Corporate Accounts

Cyber criminals work hard to get access to financial accounts by targeting specific employees of a corporation or company. They typically target HR personnel, senior executives, or accounting staff, as well as business partners with malicious software (malware). Once this software has been installed on the individual’s company computer, it begins to spread and can steal their personal information, log-in credentials, and other valuable data. After the cybercriminal obtains this information, they can tap into different accounts, bypass verification services, and even issue counterfeit checks. Many choose to create unauthorized wire transfers or complete ACH payments.

How to Avoid Cyber Criminals Taking Over Corporate Accounts

It’s never a good idea to respond to or open any attachments or click on links in unsolicited emails. Be wary of pop-up messages that claim your machine has been infected and don’t download any software program that promises to fix it. Teach employees and new staff members about IT security and take steps to enhance the security of all your computers and networks to protect them against fraud. Don’t leave any computers with administrative privileges open at any time, and make sure you always install and maintain spam filters, security updates, and make backup copies of all files regularly.

What to Do If You Are a Victim of a Corporate Account Takeover

You must cease all online activity immediately and disconnect all computers from the network to prevent any unauthorized access. Alert employees that suspicious activity has been detected and immediately contact your financial institutions to disable online access to accounts. Change your financial passwords and put an alert on your accounts if you think funds have already been transferred. Maintain a written account of everything you have noticed so far and file a police report as soon as possible. If your business accepts credit cards, you may be required to report and investigate the incident under the Payment Card Industry Data Security Standard (PCI DSS) to your credit card company.

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