Trending: Help Delete Cyber Crime
Sophisticated “phishing” scams are increasing at an alarming rate, making it easier than ever for criminals to gain access to your company’s bank accounts. If not detected quickly, these cyber attacks could result in significant monetary losses.
The Federal Trade Commission sent out a special alert indicating that Web-based commercial Electronic Funds Transfer (EFT) origination applications are being targeted by malicious software, including Trojan horse programs, key loggers, and other spoofing techniques designed to circumvent online authentication methods.
While not foolproof, there are several key steps you can follow to help prevent these threats.
- Maintain a strong, updated security software system, including virus protection.
- Have a solid Internet firewall in place.
- Ask a trusted, cyber security professional for recommendations on your particular needs.
- Retain the correct insurance coverage. EFT Coverage and Computer Fraud Coverage, purchased together as part of comprehensive commercial crime coverage, can protect your assets against what can be complex and unique perils as described in the claim examples below.
EFT Fraud – A company’s finance director opened an email with an attached zip file that contained a virus. The virus obtained the user ID and password to the company’s account with the bank. Immediately thereafter, a fraudulent electronic wire transfer initiated by persons unknown caused $100,000 to be wired from the company’s bank account to an unknown bank account in another state. The money was withdrawn before it could be recovered.
Computer Fraud -- A company’s web site was hacked by an employee of one of its customers who changed her employer’s bank routing code on the web site to her own. When the company paid her employer for services rendered, the money went directly into her account instead of to the customer.
Contact Kapnick today to solidify your EFT and Computer Fraud Coverage.
