April 22, 2016
The thieves who use computers instead of weapons to draw money out of business bank accounts are increasingly targeting small to mid-size businesses. Once, if you weren’t a billion-dollar company, you were less likely to be hacked by cyber criminals. That’s no longer the case. Consider these recent statistics:
These criminals – many from outside the country – use a number of scams to gain access to your shop’s bank accounts. Among the most reported methods are:
If your business does fall victim to these criminals, what is your recourse? Unfortunately, the Electronic Funds Transfer Act that requires financial institutions to protect its customers applies to consumers, but not businesses. That means that your recourse is based solely on the agreement you have with your bank, and is subject to your company taking all of the security measures included in the agreement. That’s why, if you don’t have an internal security team, your best defense is to consider consulting an outside security firm and to make certain that your staff is well trained in cybercrime defense.