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Corporate Account Takeover Education Center

A Growing Form of Business Identity Theft
 
At American Bank of Commerce we are committed to your security and want to make you aware of an evolving electronic crime. With the increase of electronic banking, Cybercriminals are now targeting small to mid size businesses in order to fraudulently transfer money directly from their bank accounts.
 
Corporate Account Takeover is a type of business identity theft where a criminal uses malicious software (Malware) to steal a company’s valid online banking credentials to electronically steal money. Below are some statistics
 
  • In the past year, 16 occurrences of Fraudulent emails pretending to be from the FDIC were circulated by Cybercriminals (IBAT)
  • Malware increased by 139% in 2010 (Websense)
  • 46% increase in Mobile Malware in 4th quarter 2010 (McAfee)
  • 57,000 fake web addresses created each week (Guardian)
  • 22% of Google Searches lead to malicious links (Websense)
  • 10% of Facebook posts with links are malicious or Spam (Websense)
  • PayPal is the #1 target for Phishers and Facebook is #2 (Kapersky labs)
  • In 78% of fraud attacks, money leaves the bank before anyone notices (Guardian)
  
We believe there is a strong need for cooperative learning and communication between financial institutions and their corporate account holders to help combat these attacks. You can help us reduce the risk of these attacks by taking an active role in training your staff and implementing prudent security controls in the use of electronic financial transactions. 

Below are some helpful links that contain materials and resources related to Corporate Account Takeover that can assist you in your training efforts.  We value your business and together we can fight these types of crimes!
 
Training

In an effort to further educate our customers, American Bank of Commerce has created a short eleven minute training video. The video encompasses what Corporate Account Takeover (CATO) is, how it works, and mitigation efforts that aid in preventing this type of threat.

Our goal at American Bank of Commerce is to work together with our valued customers to help prevent this type of crime. Please take a few minutes of your time to watch this very informative video at your convenience.

Corporate Account Takeover Video
Click Here 
(note: you will need Windows Media Player to play the video and audio turned on your computer)


Did You Know

March 3, 2014:   Fraud Prevention

Recently we have been made aware of a scam where individuals have received phone calls and text messages from an automated computer system. The calls indicate that your debit card could be blocked due to fraud and request the individual to enter their debit or credit card and social security number using their phone. The text messages request that you call an out of area phone number.
ABC Bank will never contact you to ask for personal information such as debit card, credit card, or social security numbers. Do not respond to the message in any way. Never provide card or personal information to unsolicited callers. These types of scams are an attempt to obtain information for fraudulent activity. If you have questions, concerns or have been contacted and given out your information, please contact us immediately at 888-902-2552 and we will be happy to assist you.