We live in a world where everything is run on greed and lust. Everyone wants and needs money and the only way they get satisfied is when they steal or take that money from someone who rightly deserves it. So, it is best for you to know How to Protect Your Business from Corporate Account Takeover. Think about it, you have managed to make an up and coming business where you invested all your money and your parents’ money because they want to see you succeed and when you were just about to become a booming business the corporate account swoops in and takes over offering you a compensation that might look amazing but will only last you some time. So, what can you do and what needs to be done?
The best way to go about with the fact that the hackers want nothing more than greed and you want nothing more than honest living is the fact that you need to stick to your lane and no matter what the consequence be true to your business and be true to your employees and customers. At the end of the day, they are the ones that run your business, not you.
In this article, you will be helped in many ways and one way is to be told what a corporate account is and how can it manage to take over your business so easily. This may come as a shock and surprise to know but corporations aren’t that great when it comes to people pleasing. I know, shocker, right? Anyway, you will also be told way in which you can prevent and protect your business from being a commodity to the corporate account and being stolen from you when it is rightfully yours, to begin with. All you need to do is make sure that the step-by-step procedures and the information provided in this article are enough to change your life and make you a proactive business owner.
What is a Corporate Account Takeover?
Now, it’s not what it seems like. You must be thinking it’s a corporation that is threatening to take over your account. True but there is more to that. Corporate account takeover is a kind of online theft that hackers and thieves are doing these days. Since the world is adapting and changing so are the hardened criminals. They are becoming more and more sophisticated and more understanding of laws and the protection around consumers and customers. So, they devise plans that will help them go around these laws and gain them access to what they want the most. Your money.
Corporate Account Takeover is a kind of fraud where hackers worked to get access to your financial records and then proceed to make unauthorized transfers to offshore accounts. This could include making up fake id’s, making up a list of employees or even running a fake business just to steal the money of off people who deserve it.
This happens when you notice that your bank and your account has been transferring money to an overseas or offshore account and you have no idea why? Well, this is what is happening and the only way you can help yourself is if you manage to actually protect yourself using protective measures and what not.
How to Protect Your Business from Corporate Account Takeover
Now, this is the part of the article that you wish to read the most since it contains prevention method that will be potentially saving your business and the money you invested and keep it safe and sound with no possible way for those scoundrels to get to it. All you need to do know is to listen to this article carefully and know that the step-by-step instructions and the point-by-point procedural safety is going to be explained.
It is a wish that this will help you keep yourself and your accouare and your business safe because there is nothing more painful than losing something you worked so hard for. So here are some of the prevention methods that you can use to protect your business:
- Develop a security plan as in if you are a business then you should be fully aware of the risk of a corporate account take over. So, you should have a business plan at the ready that will secure and protect your assets as soon as you are attacked.
- Your online environment is just as important and needs to be just as secure as your account and business environment to take the necessary requirements and install firewalls that will be helping in protecting your online activity and prevent hackers from seeing what you are up to.
- Partner with your bank, as you probably have an affiliated bank as you are a business owner. So, talk to your bank and keep them in the loop. Talk to them about finds transfer and how you can keep it safe with their help. You can avail their services of device authentication, multi-person approval process, callbacks and batch limits that help secure your funds and money.
- Pay very close attention to suspicious activity, be very aware of unaccounted for accounts and their activities or if an employee is dealing with a “bank” or a “Corporation” and you feel that it is not right to act immediately and take action. The more you wait for the more money they will run off with. All you need to do is hire people who are good at their job of being suspicious of suspicious activity and through this, you will be able to secure your business.
- Along with all the thing mentioned above the one thing, you also need to look out for is the necessary precautionary steps that you are asked to take by the bank you are partnering with. Because if you don’t take those necessary steps than the possibility of a hack occurring is high and then you will be liable for the losses and not the bank since you did not follow the protocols set by the bank.
- Lastly, you, as a business owner and the boss too so many employees should educate them about cybercrime and cybersecurity. It is your responsibility to spread awareness of the many problems that the company could face if the right actions weren’t taken. For example, if an employee observes suspicious activity but doesn’t report it because they don’t know how or they aren’t aware that it is suspicious then that could be a cause for a huge loss. Not only will the employee job status go away but also the company will have to deal with the repercussions.
The hope is that this list has managed to help you understand the gravity of this situation and how much you need to look out for your business because there are corporate businesses out there being run by scam artists and hackers who want nothing more than to be able to hurt people like you who want to make an honest living.
Who is Responsible for the Scam?
Now the answer for this is not as simple as people might think it is. The How to Protect Your Business from Corporate Account Takeover is a saying and it may have helped you understand what you are now meant to do but at the end of the day, there has to be someone responsible.in the light of the current event where these kinds of scams and hacks are becoming more and more common, you would be ignorant to say that protection is not being used. All banks and industries and companies are all using top of the art safety and security programs but the fact of the matter is that the better the security measures the better the hackers. Hackers and scammers these days are more advanced than the previous ones that are why there is still an ongoing problem.
The best thing to do in the time like this is to just take care of your own business and take every precautionary measure that you can take because you are liable for only your company and if there is even a slightest of a mistake on your part then you will become liable and will be held responsible.
Now, finally and in summary to the entire article it is safe to say that hackers and scammers are going to get even more sophisticated and even better at their game then you and a bank combined so what do you need to do? Well, you need to be aware of the ways in which you can help prevent that from happening and just make sure that no matter what happens life is not that hard. Make proper preventive measures so that in case something bad happens you are not put on the spotlight as to why it happened and why didn’t you take the preventive steps to protect your business and the livelihood of your employees and the money of your customers. Hope this article was enlightening and it helped.