Business owners, large and small, are faced with making financial decisions every day. Do I buy this? Do I extend credit to that customer? Do I hire this employee? These decisions, if not made wisely, could impact the company greatly especially if someone has the intent to deceive or deprive the company of funds. No businesses can't afford to lose money.
Every business owner or manager today should have due diligence processes in place that prevent fraud and reduce the risk of income loss relating to the extension of credit, hiring new employees, and online fraud.
Regulation E (Reg E) provides consumers with certain protections when errors occur that involve electronic fund transfers (EFT) that are not available to businesses or the business accounts they maintain. If you, as a business owner, incur a loss, that loss becomes your responsibility.
It's important for our business customers to understand the reality of the threats that face them today. Customers are constantly being targeted by advanced malware threats. According to information security sources, the United States now has the highest concentration of websites that host ZeuS crimeware package.
Security experts estimate that nearly 1 in 200 computers are infected with malware and that more than $1 billion is stolen annually. Rockland Trust has put together this information to help you identity any weaknesses you may have at your business, and give you helpful information to help you mitigate against any loss you may incur from a fraud happening to your business. For more information please contact us at 800.222.2299
What is corporate account takeover?Corporate account takeover is when cyber thieves gain control of a business' bank account by stealing the business' valid online banking credentials. The most prevalent form involves malware that infects a business' computer workstations and laptops.
A business can become infected with malware via infected documents attached to an e-mail or a link contained within an email that connects to an infected web site. In addition, malware can be downloaded to users' workstations and laptops by visiting legitimate websites - especially social network sites - and clicking on the documents, videos, or photos posted there. This malware can also spread across a business' internal network.
ACH Fraud is becoming an increasingly popular way for hackers to siphon money out of the bank accounts of unsuspecting victims. While conducting ACH and wire transactions, single and dual factor authentication is not enough to protect accounts and user credentials against current online account fraud and identity attacks. Rockland Trust recommends a multi-layered security approach to protect accounts.
A very invasive type of Trojan is a keystroke logger such as Zeus. This key stroke logger actually captures every key stroke you make and sends it off to a hacker or cyber-crime organization within seconds of being entered. This allows them to capture your ID and password and quickly log-in and move money through wire or ACH transfers using your online banking.
Is it possible that it's on my computer? Absolutely, it could be there now and just sleeping....and the biggest concern is that only 15 percent of these Trojans are detectable by the leading anti-virus software solutions. For example, the following companies were infected with Trojans: Bank of America, NASA, Monster, ABC, Oracle, Cisco, Amazon, and Business Week, and they spend millions of dollars on security measures. These Trojans infect millions of computers each year in the US and Zeus has sent out millions of attacks to users through Facebook since it started.
What can I do?
How does all this apply for my business?
Key Points to Remember
Contact your local computer service store if you feel you need additional assistance in protecting your systems or networks.