FRAUD: ON THE RISE
Fraud is a serious threat to businesses across the country. And rapidly growing.
78% of U.S. companies were targets of payments fraud in 2017
Source: 2018 AFP – Payments Fraud and Control Survey Report
Fraud affects thousands of companies. Causing huge financial losses.
12.5 Billion loss
in domestic and international dollars
between October 2013 and May 2018
Source: The Federal Bureau of Investigation PSA, 12 July 2018, Alert Number, I-071218-PSA
One of the most prevalent schemes used by fraudsters is Account Takeover. Here’s what you need to know.
Account Takeover happens when fraudsters extract your confidential information – like user IDs, passwords, PINs and token codes and ‘take over’ your accounts. Then use the information to transfer and steal sums of money from your company.
Fraudsters trick you into giving up your online banking credentials.
They entice you to click on an offer, a video or pop-up that downloads malicious malware without the user knowing. The malware then captures the user’s credentials the next time they login.
While account takeover fraud is rising at an alarming pace, there are steps you can take to help protect yourself and mitigate your risk of Account Takeover fraud.
5 KEY STEPS
Always implement dual custody when approving payments. And be sure both approvers are on different devices.
Implement dual custody for payments.
Never give out your online banking credentials.
Protect your online credentials.
Beware of token prompts during high-risk payments. And ignore on-screen messages that ask you to take immediate action.
Beware of token prompts or pop-ups.
Never click links, open attachments or download and install programs from unknown senders. It’s how fraudsters distribute malware.
Never click links from unknown senders
Keep antivirus software up to date. That way, infected links are effectively blocked from doing harm.
Keep antivirus software up to date.
Don’t wait for an attack to happen. It’s vital to take action to help protect your business.
The risk with account takeover, is that by the time you figure out your accounts have been compromised, the money may have already been stolen.