As a benefit of opening your business account with SAFE Federal Credit Union, we offer online and mobile banking services through SAFENET.  SAFE Federal Credit Union is committed to helping you learn about the risks associate with online banking and how you can protect your business from Corporate Account Takeover.

What is corporate account takeover?

Corporate Account Takeover is a form of corporate identity theft where cyber thieves gain control of a business’ financial accounts by stealing employee passwords and other valid credentials.  Attackers can then initiate fraudulent wire and ACH transactions to accounts they control. Businesses with limited or no internal computer safeguards and disbursement controls for use with your financial institution’s online banking system are vulnerable to theft when cyber thieves gain access to their computer systems, typically through malicious software (malware). Malware infects a business’ computer system not just through “infected” documents attached to an email, but also simply when an infected website is visited.

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

SAFE Federal Credit Union 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 SAFE Federal Credit Union at 1.800.763.8600 or 803.469.8600 immediately.

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

The information contained on this web page is for informational purposes only.  It should not be considered for security, legal, reputational or technical advice.  You should consult with an attorney or other professional to determine what may be best for your needs.  There is no guarantee or promise as to any results that may be obtained from using this content.  To the maximum extent permitted by law, all liability is disclaimed for any inaccurate, incomplete or unreliable information contained in this presentation. No attorney-client relationship is formed through this presentation or content contained or made available in this presentation.