There are many ways a business can see fraudulent activity, but one of the faster growing methods is via online banking. Corporate Account Takeover (CATO) is a form of corporate 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 wire and ACH transactions to accounts they control. Businesses with limited or no internal computer safeguards and disbursement controls for use with the bank’s online banking system are vulnerable to theft when cyber thieves gain access to their computer systems, typically through malicious software (malware). Malware infects a business’ computer system, not just through ‘infected’ documents attached to an email, but also simply when an infected website is visited. Businesses across the United States have suffered large financial losses over the last few years from electronic crimes through the banking system. Southside Bank has established safeguards to help the bank identify and prevent unauthorized access to your account; however, a shared responsibility between the bank and customer is the most effective way to prevent CATO.
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Southside will continue to monitor online activity closely and appreciates all of the efforts of our customers in preventing online Cyber Crime. Please don’t hesitate to contact us with any questions regarding Corporate Account Takeover as well as any other security issue.