Corporate Account Takeover

Reducing the Risk of Corporate Account Takeovers

What is Corporate Account Takeover​?

Corporate Account Takeover is a form of business identity theft where cyber thieves gain control of a business' bank account by stealing employee passwords and other valid credentials. Thieves can then initiate fraudulent ACH transactions.

The bank has procedures in place to protect, detect and respond to corporate account takeover and fraudulent activity. However, it is important and necessary for you and your employees to follow established security practices.

Security Practices to Protect Yourself From Theft

Employee Training

Provide continuous communication and education to employees using online business banking systems. Providing enhanced security awareness training will help ensure employees understand the security risk related to their duties.

Software & Device Security

• Update anti-virus and anti-malware programs frequently.
• Update, on a regular basis, all computer software to protect against new security vulnerabilities (patch management practices).
• Communicate to employees that passwords should be strong and should not be stored on the device used to access online banking.

Dual Control Procedures

• Adhere to dual control procedures.
• Use separate devices to originate and transmit ACH instructions.
• Transmit wire transfer and ACH instructions via a dedicated and isolated device.

Account Monitoring

Practice ongoing account monitoring and reconciliation, especially near the end of the day.

Advanced Security Support

Adopt advanced security measures by working with consultants or dedicated IT staff.

Industry Resources

Utilize resources provided by trade organizations and agencies that specialize in helping small businesses.

The Importance of Monitoring Business Account Activity

Business account holders should be most vigilant in monitoring account activity to prevent fraud. You have the ability to detect anomalies or potential fraud prior to or early in an electronic robbery.

Warning Signs Your System May Be Compromised

Red flags visible to a business customer that their system/network may have been compromised include:

Login Issues

System Performance Changes

Unexpected Computer Behavior

• Changes in the way things appear on the screen.
• Computer locks up so the user is unable to perform any functions.
• Unexpected rebooting or restarting of the computer.
• Unexpected request for a one time password (or token) in the middle of an online session.
• Inability to shut down or restart the computer.

Suspicious Pop-Ups and Message

Unfamiliar Toolbars, Icons, or Programs

Business Resources

1. The Better Business Bureau’s website on Data Security Made Simple
2. The SBA’s GUIDE on Protecting and Securing Customer INFORMATION
3. The Federal Trade Commission’s (FTC) business guide for protection data
4. First Western Bank's Security Measures

Contact First Western Bank

If you have questions about Corporate Account Takeovers or need help implementing security best practices, we’re here to support your business. Contact First Western Bank today.

Give us a call or stop by one of our local branches — our team is happy to guide you through fraud prevention solutions tailored to your needs.

Our Locations