Kevin Merchant, president and CEO of Jewett City Savings Bank, has announced that information is available to small businesses on one of the fastest-growing threats facing them: corporate account takeover.
Corporate account takeover is a devious cyber scheme where thieves gain access to the online banking accounts of a business. With the information they capture, they make unauthorized transactions and transfers from the victim’s accounts, in addition to using the information that they acquire in numerous other illicit activities.
The methods they use to gain access to the accounts of a business can include fraudulent emails and phone calls that appear to be from their bank.
“We want to help make sure that businesses are aware of this escalating cyber threat, and that they are taking steps to make sure they don’t become a victim,” said Merchant.
Merchant also emphasized that Jewett City Savings Bank would never make unexpected calls or emails to its customers asking for business or account information, such as tax identification numbers or online banking passwords. Anyone who receives such a call, should refuse to provide any information and contact the bank immediately, he said.