March 29, 2021

Protect Your Business Against a Corporate Account Takeover

Written by: Raj Sharma Head of Information Security, VP, Northern Bank

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.

Written by
Raj Sharma
Head of Information Security, VP, Northern Bank

Raj Sharma brings 19 years of Information Security experience in the banking industry to his role at Northern Bank. On the Northern Bank Team since 2018, Raj has played an integral part in building the Information Security function that is so critical to mitigating the ever changing security threat environment. He holds a Masters in Information Security and several industry recognized certifications such as CISSP (Certified Information Security Systems Professional) and CISM (Certified Information Security Manager). Raj is so interested in Information Security, he not only chose it as a career, he makes it his hobby and is constantly learning about new technologies.

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About Northern Bank

Northern Bank is a full service bank dedicated to providing practical, common sense financial solutions to help our customers’ lives and businesses grow. From deposit products to loans to payment and collections services, we work hands on with our entrepreneurial customers, both locally and across the country, to provide the financial support they need to realize their personal and business goals. Founded in 1960, Northern Bank has assets of $2 billion with 12 locations serving communities throughout Middlesex County. Northern Bank is a Member of the FDIC, an Equal Housing Lender, and consistently ranked among the best performing community banks in New England.

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