Attempted fraudulent transactions in the banking industry exceed $100 million annually and the figure continues to grow rapidly each year. ACH, bill payment and wire transfer transactions originated through online banking systems, such as First Bank’s Online Banking or First Bank’s Gateway service, have been increasingly subjected to fraudulent activity.
Small and medium-sized businesses, non-profit organizations and public institutions are the more frequent targets for these online attacks, which have become more and more sophisticated. "Man-in-the-middle", "man-in-the-browser" and other malware attacks allow criminals to very easily and quietly steal a company's valid online banking credentials through unsolicited e-mails, infected websites and other means.
Unfortunately, no single security measure is likely to be effective in preventing or mitigating all fraud risks. Protecting your business requires a layered approach through educating your employees, using security technology including anti-virus, anti-malware and firewall protection, reconciling bank account information daily, and utilizing dual control methods on payment transactions.
It is strongly recommended that businesses periodically perform their own internal risk assessment and evaluate internal controls. A risk assessment helps you identify potential risks that threaten your business operations, the impact if those risks occur, and how your company should respond to an event. The FCC has provided businesses with an online resource to assist them in creating a customized cyber security plan. For additional information on this customized plan and risk assessments, please visit the sites below.
Additional information available about how to Protect Your Business: