Business Fraud Protection

Thieves have developed increasingly sophisticated and malicious techniques to steal money. They thwart existing authentication controls, gain control of customer accounts, and transfer funds to individuals hired to help launder funds and send them overseas--often beyond the reach of local financial institutions and influence of local law enforcement.

What are corporate account takeovers?

Corporate account takeover is a fast-growing electronic crime where thieves typically use some form of malware to obtain Online Banking login credentials and then fraudulently transfer funds from those accounts. Many account takeover schemes target small- to medium-sized business customers since their account balances are generally higher than consumer accounts and their transaction activity is generally greater, making it easier to hide the fraudulent transfers.

Constant vigilance against downloads from unknown sites or clicking on banner ads may be the only ways to avoid becoming an account takeover victim.

An effective tool in the Internet thiefís arsenal is keylogging. Keyloggers can be surreptitiously installed on a computer when a customer visits an infected website, or clicks on an infected banner advertisement or email attachment. Keylogging can also be accomplished via a hardware device plugged into the computer, which stores the captured data for later use. Generally small in size and adept at hiding themselves on the user's computer, keylogger files often go undetected by most antivirus programs.

Thieves use keyloggers to steal the Login ID, password, and/or challenge question answers of financial institution customers. This information alone, or in conjunction with stolen browser cookies loaded on the criminalís computer, may enable the criminal to access the customerís account(s) and transfer funds to accounts controlled by the criminal, usually through wire or ACH transactions.

Other types of more sophisticated malware allow man-in-the middle (MIM) or man-in-the browser (MIB) attacks. In one scenario, the cyber thief is able to intercept the authentication credentials submitted by the customer and access the customer's account(s). In another scenario, they do not intercept the credentials, but modify the transaction content or insert additional transactions not authorized by the customer which, in most cases, are funds transfers to accounts controlled by the thief. Criminals conceal their actions by directing the customer to a fraudulent website that is a mirror image of the financial institutionís website, or sending the customer a message claiming that the institutionís website is unavailable and to try again later. Cyber thieves may have the capacity to delete any trace of their attack from the log files.

Avoiding Fraud

It's important for our business customers to understand the reality of the threats that face them today. Customers are constantly being targeted by advanced malware threats.

Commerce Bank has put together this information to help you identity any weaknesses you may have at your business, and give you helpful information to help you mitigate against any loss you may incur from a fraud happening to your business.

View Corporate Account Takeover Presentation