Key Takeaways
- Account takeover happens quickly and quietly.
- Train employees to recognize phishing and other red flags.
- Use tools like dual approval and regular user reviews to add protection.
Account takeover is one of the fastest-growing types of business fraud — and it’s exactly what it sounds like. Cybercriminals steal your company’s login credentials through phishing emails, malware, phone calls or fake websites to gain access to your accounts. Once inside, they may change contact information, send money to accomplices or even lock you out entirely.
These attacks happen quickly and quietly. Criminals attempt to move money out of your account using wires, ACH or other funds transfer methods, then send it to offshore accounts where recovery is often impossible.
While alarming, this type of fraud is preventable. Here are smart ways to stay protected:
- Educate your team. Make sure employees know the signs of phishing and account takeover and follow security procedures consistently to keep accounts and data safe.
- Secure your systems. Use up-to-date antivirus software, firewalls and strong password policies. Avoid making financial transactions on public Wi-Fi.
- Stay alert. Don’t click suspicious links or enter credentials on unusual websites. Likewise, delete emails that contain misspellings, incorrect logos or other inaccuracies. Never click on a link in a suspicious email. Monitor your account activity and act immediately if you see anything that looks off.
- Add safeguards. Require dual approval for authorizing ACH and wire recipient information changes. Lake City Bank will add this safeguard in Lake City Bank Digital at no charge — simply request it.
- Monitor digital banking users. Review user access to your accounts regularly, including who has access, access levels, dollar limits and user permissions.
At Lake City Bank, we’re committed to helping you protect your business accounts and information. To learn more about fraud prevention tools and best practices, reach out to your Corporate & Institutional Services support representative.
