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Are you taking steps to keep your business safe from a corporate account takeover?

This costly type of fraud happens when crooks figure out how to access your business accounts to make things like wire transfers, ACH payments, or to steal customer or employee data.

The thieves behind these attacks target employees with email, phone calls or other methods, hoping to trick them into sharing confidential information that can be used to hack into accounts.

By pretending to be a company executive, your bank, or another official, they try to get workers to click on links that could infect computers with malware, or to make transactions that could affect your accounts or harm your business’s reputation.

Here are some things you can do to avoid corporate account takeovers:

Educate your staff:

Have employees verbally verify all requests to transfer funds or information.

Don’t click on links or downloads in unsolicited email.

Always use strong passwords and don’t share yours with other employees.

Be sure to change your password on a regular basis.

Limit who has access to make financial transactions:

Use the powerful permission controls that are built into your online banking account to set employee permissions, account access, and the approval process.

Have a plan:

Know who to contact immediately if you suspect a problem.

Have contact phone numbers at your business, your financial institution, and law enforcement.

Don’t waste time. It’s important to act immediately so you can minimize any financial or reputation damage.