Farmers State Bank

Combating Corporate Account Takeover

Combating Corporate Account Takeover

Companies are increasingly at risk of attack online. Farmers State Bank supports our business clients’ efforts to protect themselves from identity theft and financial fraud by implementing protective business practices. Farmers State Bank is committed to safeguarding our Cash Management Online Banking access and our clients’ information.

What is Corporate Account Takeover?

Corporate Account Takeover (CATO) occurs when cyber criminals gain access to your computer systems and steal your business online banking information. They then use this information to hijack your bank accounts and possibly transfer funds to themselves via ACH (Automated Clearing House) and/or Wire transfer.

Protect Yourself

Farmers State Bank Cash Management Online Banking platform uses sophisticated security tools to help protect the bank and clients from fraudulent access. Clients can help protect their own systems with these practices:

  • Implement dual control authentication for sensitive or high risk online activities including wire transfers, wire approvals and ACH file approvals
  • Periodically review employee access rights to online systems, make sure access levels are appropriate for job responsibilities
  • Remove employee access promptly upon termination
  • Do not allow employees to maintain administrative rights on their work computers so that to prevent unauthorized software from being downloaded
  • Do not store passwords in your browser
  • Do not share user ID's and passwords

Prevent Unauthorized Access

To prevent unauthorized access to your network, these are some helpful tips:

  • Install a firewall on your network
  • Install commercial security and anti-virus software programs, update them regularly and frequently run anti-virus and malware scans on your computers
  • Apply operating system and application updates regularly
  • Use the latest version of internet browsers, such as Edge, Firefox, or Chrome and keep patches up-to-date
  • Activate a "pop-up" blocker on browsers to prevent intrusions
  • Learn to recognize symptoms of computer breaches
  • Promote employee cybersecurity awareness
    • Such as "What Are The Dangers of Email Links?"

Respond to Attack

Here are some action items to take once an attack has occurred:

  • Cease all online activity and remove any computer systems that may be compromised from the network
  • Disconnect the Ethernet cable and/or any other network connections (including wireless connections) to isolate the system from the network and prevent any unauthorized access (DO NOT POWER DOWN THE COMPUTER)
  • Immediately contact FARMERS STATE BANK at 605-928-7991 so the following steps may be taken:
    • Disable online access to accounts
    • Change online banking passwords
    • Open new account(s) as appropriate
  • File a police report
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