Billions of dollars are lost annually to deposit fraud attempts against American consumers and businesses, fueled by the heightened popularity of online banking. In this internet-driven day and age, a cybersecurity breach could happen at any moment – hacking, phishing, Corporate Account Takeover (CATO) plots and more – so it’s crucial that both banks and their customers recognize and understand where vulnerabilities might exist and how they can mitigate them.
In some instances, prevention can be as simple as requiring two-factor authentication to access an online account, but at other times, it can be more complex. To be prepared, financial institutions must take proactive steps to combat fraud before it happens, including measures such as:
- Customer education
- Employee training
- Internal controls
- Segregation of duties
- Ongoing monitoring
Learn more about how to protect your business’ assets and your consumers in the Bankers Digest article, Cybercrime: Combatting ACH and Wire Transfer Fraud Requires Customer Education by Brian Thomas, Weaver partner in IT advisory services, and James Mihills, Weaver senior manager in financial institutions consulting.