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Corporate Account Takeover 

WHAT IS CORPORATE ACCOUNT TAKEOVER?

Ohio University Credit Union is committed to providing you the peace of mind that comes with safe and secure banking. We're committed to helping you learn about the risks of online banking and how you can protect your business from Corporate Account Takeover.

Corporate Account Takeover is a fast growing electronic crime where cyber thieves gain control of a business’ financial accounts by stealing employee passwords and other valid credentials. Attackers then fraudulently transfer funds from the account(s). Criminals have used domestic wire transfers, business ACH payments, online bill-pay, and electronic payroll payments to commit Corporate Account Takeovers. 

Cyber thieves target employees through phishing, phone calls, and even social networks. It is common for thieves to send emails posing as a bank, delivery company, court or the Better Business Bureau. Once the email is opened, malware is loaded on the computer which then records login credentials and passcodes and reports them back to the criminals. Learn more about actions you can take to protect your business account. 

HOW TO PROTECT YOUR ACCOUNT

Here are some things you can do to reduce the chances your business account is affected by Corporate Account Takeover:

  • Secure your computer and networks
  • Implement anti-virus software on business computers;
  • Enforce complex password requirements
  • Limit administrative rights
  • Install and maintain spam filters
  • Educate your employees about security procedures
  • Install routers and firewalls to prevent unauthorized access to your computer or network
  • Install security updates and applications as they become available
  • Block pop-ups
  • Do not open email attachments from unknown sources
  • Be on alert for suspicious emails
  • Do not use public Internet access points
  • Reconcile accounts daily and review account statements immediately upon receipt

Be alert to any changes in the performance of your computer (such as loss of speed, unexpected rebooting, etc.); and create an incidence response plan that includes the steps your business and employees will take in the event of unauthorized access.

It is important that you stay abreast of security trends and changes and make necessary adjustments to your business.

Additional Information

For additional information, check out the following resources:

Better Business Bureau Cybersecurity Resources

Small Business Administration – 4 Ways to Safeguard and Protect Your Small Business Data

The Federal Trade Commission’s Data Security Resources

The National Institute of Standards and Technology’s (NIST) Fundamentals of Information Security for Small Businesses

NACHA – The Electronic Payments Association’s Current Fraud Threats Resource Center

OUCU will never send you an email or contact you by phone and ask for personal or business information.  If you receive an email or call requesting such information or if you suspect a fraudulent transaction, contact us at 1.800.562.8420 or 740.597.2800 immediately.

 

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