To our small business owners, corporate account takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable. Chesapeake Bank recommends following these tips to keep your small business safe.
1. Educate your employees. You and your employees are the first line of defense against corporate account takeover. A strong security program paired with employee education about the warning signs, safe practices, and responses to a suspected takeover are essential to protecting your company and customers.
2. Protect your online environment. It is important to protect your cyber environment just as you would your cash and physical location. Do not use unprotected internet connections. Encrypt sensitive data and keep updated virus protections on your computer. Use complex passwords and change them periodically.
3. Partner with us to prevent unauthorized transactions. Take a look at some of our resources with tips and programs that safeguard you from unauthorized transactions and other instances of fraud.
4. Pay attention to suspicious activity and react quickly. Look out for unexplained account or network activity, pop ups, and suspicious emails. If detected, immediately contact Chesapeake Bank or your active financial institution, stop all online activity and remove any systems that may have been compromised. Keep records of what happened.
5. Understand your responsibilities and liabilities. Take some time to review your account agreement, which will detail what commercially reasonable security measures are required in your business. It is critical that you understand and implement the security safeguards in the agreement. If you don’t, you could be liable for losses resulting from a takeover. If you have any questions about your responsibilities, give us a call.
For additional information, you can also visit the following websites to learn more about how to protect your small business:
- U.S. Chamber of Commerce: Internet Security Essentials for Business
- Federal Communications Commission: Small Biz Cyber Planner
- Federal Communications Commission: 10 Cybersecurity Strategies for Small Business
- Better Business Bureau: Data Security Made Simpler
- NACHA – The Electronic Payments Association Sound Business Practices for Businesses to Mitigate Corporate Account Takeover