What is a Corporate Account Takeover?

Corporate Account Takeover occurs when cybercriminals gain unauthorized access to business accounts using various online tools. These tools range from emails and social engineering technique to computer intrusion via the installation of malware. Leveraging these tools, cybercriminals can access online banking accounts and gather applicable information to conduct financial crimes.

BOLO - Be on the Lookout

• Fraudsters are known to target key individuals from institutions, where they craft an email impersonating a legitimate email and direct employees to conduct wires, make changes to direct deposit information or make payments.
• According to the FBI, business email is being compromised at an all-time high and exposed losses are increasing every year.

Protect Yourself and Your Company

You can protect yourself and your company by deploying technical and operational controls:

• Technical Controls include, the use of a firewall, antivirus, patching, and dedicated PC to perform banking activities.
• Operational Controls include, reviewing daily account activity, reconciling accounts, enrolling in bank alerts via email or text, and setting dual controls.
  

For additional information and best practices, explore our Information Security posts.