Business Account Takeovers

Guarding Against Business Account Takeover"Business Account Takeover" is a name given to a specific type of fraud and theft in which a criminal gains access to the financial records or bank accounts of a business, enabling them to drain funds out of those accounts before the business is aware of the problem.

The Internet Crime Complaint Center has identified the following actual headlines as examples of the types and scope of Business Account Takeover fraud:

  • N.Y. Firm Faces Bankruptcy from $164,000 E-Banking Loss
  • European Cyber-Gangs Target Small U.S. Firms, Group Says
  • e-Banking Bandits Stole $465,000 From Calif. Escrow Firm
  • Cyber attackers empty business accounts in minutes
  • Zeus hackers could steal corporate secrets too
  • Texas Firm Blames Bank for $50,000 Cyber Heist
  • Computer Crooks Steal $100,000 from Ill. Town
  • FBI Investigating Theft of $500,000 from NY School District

Businesses and Organizations Have An Even Greater Risk !!!

As consumers, we are all familiar with government regulations that help limit the amount of money a consumer may lose in the event their bank account is fraudulently accessed through electronic methods, such as through Internet Banking or ATMs.

Businesses and Organizations DO NOT enjoy the same protection provided to consumers.  It is the responsibility of the business-owner or manager to make sure their internal practices, systems, procedures, controls and policies are properly designed to prevent or detect attempts at account takeovers.

The links below will take you to some excellent sources of information on making sure you are adequately informed on issues related to account takeover, and give you several measures you may want to adopt in your own business or organization.


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