Tips for small business – Combating cyber fraud

It’s not news that cybercriminals are increasingly targeting small businesses to transfer funds from accounts and steal private information, a fraud referred to as “corporate account takeover.” Alas, criminals will try to spoof emails, use malicious software and online social networks to obtain login credentials to businesses’ accounts, which they then attempt to make illicit transactions.

“Unfortunately, small businesses are a growing target for account takeover,” said Joe Grimstad, president of Decorah Bank & Trust Company. “Combating account takeover is a shared responsibility between businesses and financial institutions. Your business banker can explain the safeguards small businesses need and the numerous programs available that help ensure fund transfers, payroll requests and withdrawals are legitimate and accurate. Employees should be trained about safe internet use and the warning signs of this fraud, as they are the first line of defense at combating account takeover. ” said Grimstad.              

Here are a few tips to help prevent account takeover:

Additional Resources:

Ten Cybersecurity Strategies for Small Business

U.S. Department of Homeland Security


Posted by Decorah Bank in Community News, Financial Education, Decorah Bank News & Events.


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