Cyber criminals are targeting the financial accounts of owners and employees of small and medium sized businesses, resulting in significant business disruption and substantial monetary losses due to fraudulent transfers from these accounts. Often these funds may not be recovered.
This advisory was created by financial institutions, industry trade associations, Federal law enforcement and regulatory agencies. It is intended to make businesses aware of this issue, identify some examples of how the fraud may occur, and provide updated recommendations to businesses to protect themselves against it.
The full advisory is available: Fraud Advisory for Businesses – Corporate Account Take Over