Protect Your Business Accounts from Cyber Criminals
Cash Management | Fraud Prevention
One type of fraud that targets businesses is Corporate Account Takeover. Fortunately, there are best practice steps that can be taken to reduce your company’s exposure to this type of fraud.
Corporate Account Takeover is a type of fraud in which criminals gain control over a business’s bank account to initiate fraudulent banking activity. Activities can include transferring funds from the company, creating and adding fake employees to payroll, and stealing sensitive financial information that may not be recoverable.
To help protect your business, consider the following best practices:
- Use multiple layers of security that include firewalls, anti-malware tools and keeping all software up to date. Engage your technology team/vendor for specific recommendations.
- Establish separate user accounts for each employee accessing financial information and utilize system features such as enforcing dual control over authorizing payments.
- Verify all wire transfer requests received via email either in person or via trusted telephone numbers before processing the request.
- Review and reconcile your bank accounts daily. Report suspicious activity to the bank immediately.
- Educate your employees about cybercrime. Stay informed on the latest fraud methods to help you identify and prevent security incidents before they happen.
- Create an incident response plan for steps to take should a security event occur including, but not limited to: notifying employees, financial institutions, insurance providers, credit agencies, and law enforcement.
Helping you protect your company’s financial information is important to us. For additional information on how to protect your accounts, please visit EnterpriseBanking.com/security.
If you would like to speak to an Enterprise Banker about Cash Management products and services to further help protect your business, please call us at 877-671-2265