Are You a Victim of Online Banking Fraud?

online fraudBeware! Someone maybe stealing money from you where you least expect it – your bank!

According to the US Federal Bureau of Investigation, online criminals have been getting away with what they estimate to be over $100 million in bank fraudmostly at the expense of small to midsized businesses. Typically, hackers plant malicious programs known as Trojans into the networks of target companies, which then steal passwords to various online services such as online banking and fund management. Having gained access to these services, these hackers then commit something called ACH or Automatic Clearing House Network Fraud. Typically, they wire money out of their victim’s accounts and into the accounts of money “mules” who help them launder the money for a cut. These funds are then transmitted to the criminal mastermindswho are often located in countries outside the reach of American law enforcement, such as China and Russia.

Small and midsized businesses have become a favored target by hackers lately because they often lack the time and resources to put stringent security controls in place. A survey conducted by security vendor Panda Security reveals that of the 1,400 businesses questioned, around 52 percent employed no basic security measures such as Web filtering, while 29 percent lacked anti-spam protection.

How can you protect yourself and your business? Make sure you educate employees about the threat and train them in basic security awareness, such as avoiding opening emails and attachments coming from suspicious senders or with suspicious content. Consider beefing up your network security measuresincluding installing and using updated antivirus software, network firewalls, and web and mail filtering solutions.

Too busy? Don’t know how to start? Then perhaps this is a good time to seek out the services of a professional. Call us today to see how we can help protect your business.

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