Cyber Crime

These businesses are vulnerable to theft when cyber thieves gain access to its computer system to steal confidential banking information in order to impersonate the business and send unauthorized wire and ACH transactions to accounts controlled by the thieves. Municipalities, school districts, large non-profit organizations, corporate businesses, and any customers that perform electronic transfers are potential targets. Losses from this form of cyber-crime range from tens of thousands to millions of dollars with the majority of these thefts not fully recovered. These thefts have affected both large and small banks.

This type of cyber-crime is a technologically advanced form of electronic theft. Malicious software, which is available over the internet, automates many elements of the crime including circumventing one time passwords, authentication tokens, and other forms of multi-factor authentication. Awareness of online threats and education about common account takeover methods are helpful measures to protect against these threats. However, due to the dependence of banks on sound computer and disbursement controls of its customers, there is no single measure to stop these thefts entirely. Multiple controls or a “layered security” approach is required.”

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Basic Security Practice

  • Education is key – train your employees
  • Secure your computer and network
  • Limit administrative rights – limit employee software installations
  • Install and maintain spam filters
  • Surf the internet carefully
  • Install / maintain anti-virus and anti-spyware desktop firewall, malware detection and removal software.
  • Install routers and firewalls to prevent unauthorized access to your computer or network.
  • Install security updates (patches) to operating systems and all applications as they become available.
  • Block pop-ups
  • Use strong passwords
  • Be caucious of suspicious emails
  • Do not use public internet access points
  • Monitor bank accounts, especially at the end of day
  • Note any changes in the performance of your computer; dramatic loss of speed, computer locks up, unexpected rebooting, unusual popups, etc.
  • ake sure that your employees know how to and whom to report suspicious activity to at your company and at the bank

Contact The Bank If You:

  • Suspect a fraudulent transaction
  • If you are trying to process an online wire or ACH batch and you receive a maintenance page
  • If you receive an email claiming to be from the bank and it is requesting personal/company information

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Incident Responses

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Our general template includes:

  • The direct contact numbers of key bank employees

Steps the account holder should consider to limit unauthorized transactions such as:

  • Changing passwords
  • Disconnecting computers used for internet banking
  • Requesting a temporary hold on all other transactions until confirmations can be made

Information the account holder will provide to assist the bank in recovering their money:

  • Contacting their insurance carrier
  • Working with computer forensic specialists and law enforcement to review appropriate equipment


"The National Institute of Standards and Technology's (NIST) Small Business Information Security: The Fundamentals

The jointly issue "Fraud Advisory for Businesses: Corporate Account Takeover" from the US Secret Service, FBI, IC3, and FS-ISAC available on the IC3 website

NACHA – the Electronic Payment Association's website has numerous articles regarding Corporate Account Takeover for both financial institutions and banking customers

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