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Fraud

CORPORATE ACCOUNT TAKEOVER


Corporate Account Takeover is a type of business identity theft where cyber thieves gain control of a business' bank account by stealing employee passwords and other valid credentials. Thieves can then initiate fraudulent wire and ACH transactions to accounts controlled by the thieves, or create and add new fake employees to payroll, or steal sensitive information.

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. 

It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.

Look out for unexplained account or network activity, pop ups, and suspicious emails. If detected, immediately contact Farmers & Merchants Bank, stop all online activity and remove any systems that may have been compromised. Keep records of what happened.

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