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.
Additional information available about how to Protect Your Business: