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Corporate account takeover is an evolving crime targeting businesses of all sizes. It is a form of identity theft where the business’ online banking credentials are stolen by malware. Criminals use those credentials to impersonate the business and send unauthorized wire and ACH transactions. The hackers will often drain the deposit accounts and credit lines of the compromised business through a complex scheme of money transfers to accounts controlled by the thieves. Unfortunately, the money from these thefts is rarely fully recovered.

Professional thieves who commit these crimes have sophisticated tools and continually adapt them to make them very effective. Businesses cannot rely on a single solution to prevent this type of crime. It requires a layered security approach where multiple protections work together to provide a robust defense against these criminals.

Security Best Practices:

  • Use multi-factor authentication for online banking.
  • Enable secondary approval for money movement transactions.
  • Train your business staff on safe Internet and email usage.
  • Install patches and updates to your computers and devices as soon as they are available.
  • Run antivirus software on your computers and keep it up to date.
  • Always use the latest version of your Internet browser and enable the pop-up blocker.
  • Install firewalls on your computers and on your business network.
  • Limit who can install software on your computers to prevent unwanted software or malware.
  • Install and maintain email spam filters to keep phishing email out of your network.
  • Be suspicious of all email attachments, even those from people you know. If you are not expecting an attachment, delete it.
  • Use a strong, unique password for online banking. Do not reuse this password anywhere else.
  • Do not use free public Wi-Fi. Hackers setup fake Wi-Fi and then can see everything you type.
  • Monitor and reconcile bank accounts daily to identify fraud quickly.
  • Visit the National Cybersecurity Alliance for more free tips.

Contact Vantage Bank immediately if you:

  • Suspect a fraudulent transaction
  • See an error page after you enter your logon credentials
  • Receive an email claiming to be from Vantage Bank that requests personal/company information

Should you have any questions, contact Business Online Support at (877) 627-9099.