Working with small businesses that don’t think they are a target? Read this – and then read more through the link below. This is big business for organized crime, and there is little in the way of protection for the small unaware business. (This comes from our friends at Presidio – thanks Tim!)
HOW IT WORKS
According to the Washington Post, “The scammers infiltrate companies in a similar fashion: They send a targeted e-mail to the company’s controller or treasurer”, this would generally be a Trojan that — when opened — surreptitiously installs malicious software designed to steal passwords.
You’ve heard me talk about Money Mules – here they are. “Mules are instructed to set up bank accounts, withdraw the fraudulent deposits and then wire the money to fraudsters, the majority of which are in Eastern Europe”
IT GETS WORSE!
According to this article, “Businesses do not enjoy the same legal protections as consumers when banking online. Consumers typically have up to 60 days from the receipt of a monthly statement to dispute any unauthorized charges” – businesses have about 2 days!
AND CHECK THIS OUT!
“The banks spend a lot of money on protecting consumer customers because they owe money if the consumer loses money,” Litan said. “But the banks don’t spend the same resources on the corporate accounts because they don’t have to refund the corporate losses.” – Does your client understand this?