WASHINGTON, D.C. — American Bankers Association cautioned
that cybercriminals are increasingly targeting small businesses such as
dealerships, to transfer funds from accounts and steal private information, a
fraud referred to as "corporate account takeover."

The association contends that criminals can use spoofed
emails, malicious software and online social networks to obtain login
credentials to businesses' accounts, which they then use to make illicit
transactions.

"Small businesses are a growing target for account
takeover," said ABA chief executive officer Frank Keating.

"Yet, a strong partnership with your financial institution
will give you the tools needed to shield yourself from this attack," Keating
continued.

Keating went on to stress that combating account takeover is
a shared responsibility between dealerships and financial institutions. He acknowledged
that bankers 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.

Meanwhile he added store employees should be trained about
safe Internet use and the warning signs of this fraud since they can be the
first line of defense.

"We're far more effective at combating account takeover when
we combine resources than going at it alone. Talk with your banker about the
tools your business and bank can use together to minimize this threat," Keating
said.

As part of National Cyber Security Awareness Month, ABA
offered dealerships and other small businesses tips to help prevent account
takeover:

—Protect your online environment. It is important to protect
a dealership's cyber environment just the physical location.

"Do not use unprotected internet connections," officials
recommended. "Encrypt sensitive data and keep updated anti-virus and
anti-spyware protection on your computers. Change passwords from the default to
something complex, including at point-of-sale terminals.

—Partner with a bank for payment authentication

"Talk to your banker about services that offer call backs,
device authentication, multi-person approval processes, batch limits and other
tools that help protect you from unauthorized transactions," officials
suggested.

—Pay attention to suspicious activity and react quickly

"Put your employees on alert," ABA reiterated. "Look out for
strange network activity, do not open suspicious emails and never share account
information. If you suspect a problem, disconnect the compromised computer from
your network and contact your banker. Keep records of what happened.

—Understand responsibilities and liabilities

"The account agreement with your financial institution will
detail what commercially reasonable security measures are required in your
business," the association explained. "It is critical that you understand and
implement the security safeguards in the agreement. If you don't, you could be
liable for losses resulting from a takeover. Talk to your banker if you have
any questions about your responsibilities."

To learn more, ABA's Small Business Guide to Corporate
Account Takeover can be found here.

More details about National Cyber Security Awareness Month can
be located here.


Normal
0
false
false
false
EN-US
X-NONE
X-NONE

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:””;
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:”Calibri”,”sans-serif”;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-fareast-font-family:”Times New Roman”;
mso-fareast-theme-font:minor-fareast;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}