Cyber criminals are targeting the financial accounts of small- and medium-sized businesses, resulting in significant business disruption and substantial monetary losses due to fraudulent transfers from these accounts. Often these funds may not be recovered and businesses are surprised to learn that they are liable for the losses.

 

Corporate account takeovers involve obtaining access to financial accounts via malware installed by cyber criminals which steals personal information and log-in credentials of online banking accounts. Once these credentials are obtained, they are used to create unauthorized wire transfers and ACH payments from business accounts and gain proprietary information.

 

Cyber criminals employ ever-evolving tactics to manipulate victims into divulging personal or account information or unknowingly installing malware on their computer. These include but are not limited to opening an email attachment, accepting a fake friend request on a social network, unknowingly visiting a compromised website, or clicking on a link in an unsolicited email. Once the business owner’s or employee’s computer is infected, the cyber criminal can track online activity and eventually discover online banking credentials. The cyber criminal then uses this information to generate fraudulent transactions, leading to significant monetary losses for the victimized business.

 

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