CORPORATE ACCOUNT TAKEOVER
At United Community Bank we are committed to your security and want to make you aware of an evolving electronic crime.
What is Corporate Account Takeover?
Corporate account takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable. Corporate account takeover is a growing threat for small businesses. It is important that businesses understand and prepare for this risk.
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.
How does Corporate Account Takeover Work?
• Victim unknowlingly installs software by clicking on a link or visiting an infected Internet site
• Fraudsters begin monitoring the account
• Victim logs onto their Online Banking
• Fraudsters Collect Login Credentials
• Fraudsters wait for the right time and then they hijack the session and send the victim a message that Online Banking is temporarily unavailable.
Where does it come from?
What can a Business do to PROTECT?
PHISHING AND SPOOFING
As part of our commitment to keeping your account and personal information safe and secure, we've assembeled some useful tips for spotting fraudulent email.
Ways to identify phising and spoofing emails include:
• Urgent Appeals. We will neer claim your account may be closed if you fail to confirm, verify or authenticate
• Offers that sound too good to be true. We will never ask you to fill out a customer service survey
• Obvious typos and other errors. These are often the mark of fraudulent e-mails and websites.