One of the biggest threats is called "corporate account takeover," whereby the fraudster gains access to the business’s online banking accounts and quickly transfers the money into their own account. The following is how it works.
The fraudster targets an employee of the company, often a senior executive, using any number of techniques designed to either directly gather the login information or infect the computer with malware that can obtain it. These techniques include but are not limited to phishing, attachments or links to Web site infected with malware, fake friend requests on social networking sites and more.
The next step is to install the malware onto the victim’s computer. This malware often contains the ability to transmit what key strokes are taken and even screenshots of what the victim is looking at. The Zeus Trojan is an example of one of the more prevalent pieces of malware on the Internet that targets online banking customers.
When the victim logs into online banking the malware transmits the login information to the fraudster.
Once the login information is transmitted to the fraudster, they can use it to log in and transfer money out of the accounts, while appearing to be a legitimate user.
Business checking accounts are often targets for fraudulent activity. With our Positive Pay solutions, you have the control to pay only those electronic items that you have preauthorized and checks that match the issue file you supply the bank, while having the option to review and validate the items that don’t match.
What to do if you suspect a problem: