What Will Your Bank Do if Your Commercial Account Gets Hacked?

Published: 20 September 2011

Most small businesses are not protected against losses due to cybercriminals hacking into their accounts. Banks claim that the business should do more to protect their accounts against these criminals, while businesses believe that the banks should be monitoring their accounts more closely.

Cybercrooks are stealing as much as $1 billion a year from accounts of small and midsized companies in the U.S. and Europe, according to Dell SecureWorks. These accounts are typically not protected by fraud insurance, so businesses are fully responsible for the losses. What is your bank’s policy if your business account is compromised?

One method Cybercrooks are using to access accounts is through the Zeus Trojan. It steals banking information by keystroke logging and form grabbing. It is spread by downloads which have been compromised or made without the person’s knowledge. It is very difficult for antivirus software to detect, which is how the number of infected computers has reached to 3.6 million in the US alone.

Tips to protect your business:

  1. Find out your bank’s policies. Understand what your bank is doing to protect your account and what they would do if hackers access your account. Make sure the bank has a monitoring system to detect potential fraud and a clear method of contacting you in the case of suspicious behavior.
  2. Update your anti-malware and firewall protection software. Any computer that accesses your company’s banking information should have up-to-date anti malware and firewall protection installed.
  3. Train employees about Internet safety. Educate them on the importance of not clicking on suspicious links in emails or on the web.
  4. Monitor your accounts regularly and report suspicious activity. The quicker you notice irregularities, the faster your bank can take action and reduce potential loses.
  5. Shred documents related to your bank account. Do not discard paperwork or bank statements in the garbage without first shredding it. If possible, opt for electronic statements to reduce the likelihood of your statements falling into the wrong hands.

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