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Cyber Deception – How to Protect Your Bank Account

Cyber deception attacks have increased significantly over the last year. Combining technology with social engineering to trick a business into giving bank or other confidential information, they will use a combination of phishing emails, spoofed phone calls, spoofed text, and even artificial intelligence (AI) to fake your voice or image.

Prevention is to have a combination of current cybersecurity tools (MFA, EDR, SOC, etc) and a strong procedure for any banking information changes (bank, account number, or routing numbers). The risk in the change of banking information can be very costly so we recommend that both a multi-step and multi-person process be required to confirm that the change is authentic.

Steps To Protect Your Business Accounts

The process should include:

  • Calling the phone number to confirm the change
  • Verify the email is from a legitimate source
  • Require company form with signature to be completed for change (eg. DocuSign) 
  • Require that it takes several days for the change to be processed
  • Request Senior Management or the owner must review and sign off on the change
  • Use prior financial transactions for information

Only when all the steps are properly verified should the banking information be changed. If you are suspicious of the request or they are pushing for an urgent change be extra wary of the request and contact your bank for guidance.

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