Business Theft

A business account can fall victim to fraud just as much as a normal consumer account. Corporate account take over can be very costly. Attackers will attempt to gain account information or login credentials to take money from lines of credit and bank accounts, usually by funneling the money to other bank accounts not under your control.

There are different tactics that criminals will take but often it involves fraudulent emails or phone calls that try and trick you so vigilance is required. In addition to the guidance that applies to every member, there are some extra steps you can take to stay secure:

• It is advisable to perform a yearly risk assessment to identify the risks your business faces. Knowing the risk will allow you to mitigate them to a manageable level.
• Your information technology provider knows your work situation best. Determine how to best safeguard the security of your systems with them.
• Have a computer that is only used for financial transaction activity. It does not need to be a top of the line system but it should not be used for any other purpose.
• To the extent possible be sure to review and approve each transaction individually.

Regulation E

The Electronic Funds Transfer Act, better known as Regulation E, was first enacted in 1978 with the purpose of protecting consumer financial accounts from liability for unauthorized transactions. Regulation E protections do not extend to business accounts so it’s very important that business account holders remain vigilant and limit access to their Internet Banking and Phone Banking login information, ATM/Debit Cards, and checks to authorized personnel only.