What would you do if you suddenly noticed that huge chunks of money had been drained from your business account into an account overseas? Would you be able to get it back? Who is responsible for your loss? You or your bank?...
Does your company keep sensitive data — Social Security numbers, credit reports, account numbers, health records, or business secrets? If so, then you’ve probably instituted safeguards to protect that information, whether it’s stored in computers or on paper. That’s not only good business, but may be required by law....
Business email compromise fraud was the fastest-growing type of spear phishing attack last year. According to the latest figures from the FBI, cyber thieves have stolen $2 billion from 12,000 businesses using this scam which begins with compromising or spoofing a business executives’ or employees’ email account. The fraudster is able to steal money with the help of an unwitting accomplice, an employee who is fooled into submitting a wire request....
According to the FBI’s Internet Crime Complaint Center (IC3), Business Email Compromise (BEC) schemes have caused at least $5.3 billion in total losses over the past three years to approximately 24,000 organizations around the world. The average loss per victim is about $218,000. Companies of all sizes and types are targeted leaving a long wake of financial and emotional damage....
ACH transactions and wire transfers are the fastest way to move funds to another business, person, or other recipient. Both ACH (automated clearing house) transactions and wire transfers are forms of electronic fund transfers (EFTs). Wire transfers typically involve larger sums of money and are transferred between banks. ACH transfers are scheduled transactions, like online bill payments, that typically involve smaller amounts of money....