We take many steps to keep your accounts safe from fraud; your security is our top priority as a bank. But in this day and age, fraudsters are tricky and are always finding new ways to deceive customers. New Resource Bank is committed to education and will be hosting our first security event on how to best protect your organization from fraud.
It’s especially critical to inform yourself about fraud, as business accounts aren’t protected under the same federal regulations as consumer accounts. In most cases, fraud perpetrated against your business becomes your liability; it is not covered by banking laws.
Account takeover is one of the more prevalent forms of fraud. It is the result of a fraudster gaining access to a victim’s account, often through targeted social engineering attacks. Experts project that fraudulent transactions resulting from account takeover fraud will exceed several billion dollars this year alone. Motivated by financial gain, this has become an extremely lucrative, criminal business. Together, financial institutions along with security professionals, are struggling to fight the fraudsters who are behind the increasingly sophisticated methods of attacks being used to perpetrate fraud.
As fraud continues to rise, we have to begin to look at more effective methods to combat these well-organized cyber gangs. Our speaker, Jay McLaughlin of Q2, our online banking provider, will present a step-by-step view of the fraudsters’ activities providing insight into their efforts, as well as share critical security controls that should be leveraged and understood by all employees to protect your business from becoming a victim.