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. Liberty Capital Bank recommends following these tips to keep your small business safe.
For additional information, contact your account officer at Liberty Capital Bank.
Visit the following websites to learn more about how to protect your small business:
The FBI reports that Business Email Compromise (BEC) is a sophisticated scam costing companies worldwide millions of dollars.
In October 2013, the Internet Crime Complaint Center (IC3) began receiving complaints from businesses about trusted suppliers requesting wire transfers that ended up in banks overseas—and turned out to be bogus requests. Since then, losses from the business e-mail compromise (BEC) scam have been significant.
"For victims reporting a monetary loss to the IC3, the average individual loss is about $6,000," said Ellen Oliveto, an FBI analyst assigned to the center. "The average loss to BEC victims is $130,000."
"Since the FBI's Internet Crime Complaint Center (IC3) began tracking BEC scams in late 2013, it has compiled statistics on more than 7,000 U.S. companies that have been victimized—with total dollar losses exceeding $740 million. That doesn't include victims outside the U.S. and unreported losses."
IC3 offers the following tips to businesses to avoid being victimized by the scam (a more detailed list of strategies is available at www.ic3.gov):
This complete story and additional resources on this emerging global threat are available on the FBI's website.
The number of attacks on mobile devices is growing, in part, as a result of the increased popularity of mobile banking. According to a report by the Federal Reserve, 51 percent of smartphone users say they have used mobile banking in the past 12 months.
The rise in the popularity of mobile devices has certainly made them a target for cyber-criminals. Banks work hard to protect customer information and customers play an important role. Any device used to connect to the Internet is at risk and we urge users to keep safety measures in place.
Liberty Capital Bank recommends that customers take extra precaution to protect the data on their mobile device by doing the following:
Remote Deposit Capture
Liberty Capital Bank, located in Addison, Texas, services clients with
personal and commercial banking needs across the Dallas/Fort Worth metroplex.
We offer a fresh approach to banking, with long-term results in mind.
5055 Keller Springs Rd #120 | Liberty Plaza I | Addison, TX 75001 | (469) 375-6600
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Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
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