April 2013
Kim Dodson - kjd@cubbank.com
Treasury Department
Topic:
Protect your Business
Advice:
If you think your business is too small to be a victim of Corporate Account Takeover (CAT), think again. Small businesses all over the country are falling victim to CAT. Researchers estimate that 10% of small businesses have had funds stolen from their accounts; losses totaling more than $2 Billion.
CAT occurs when malware has been downloaded to a computer. Obtaining malware can be as easy as visiting social media sites or clicking on a link to a picture of a puppy; at which point malicious software is then unknowingly downloaded. Cyber criminals can then record every keystroke and/or have access to confidential security tokens including ones used to access your banking information. Now they have the keys to your kingdom and can potentially transact fraudulent payrolls or wires transfers through online banking.
Protect your business:
- Dedicate one PC that is used only for banking and is prohibited from other internet or social media sites.
- Implement a policy of dual control for all financial transactions.
- Contact your financial institution about security products to protect your business from CAT.
