Combating Corporate Account Takeover

Companies are increasingly at risk of attack online. Bank of Hope supports our business clients’ efforts to protect themselves from identity theft and financial fraud by implementing protective business practices. Bank of Hope is committed to safeguarding our Business 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 transfer funds to themselves via ACH (Automated Clearing House) and Wire transfer.

Protect Yourself

Bank of Hope Business 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 templates,
  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

Detect Unauthorized Access

If you detect unauthorized access or unusual activity, these are some helpful tips:

• Implement Trusteer® which is provided for free, it is an effective mechanism to detect and remediate malware infections
• Install a firewall on your network
• Install commercial security and anti-virus software programs and update them regularly
• Promote employee awareness
• Recognition of symptoms of some computer breaches

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
• File a police report
• Immediately contact BANK OF HOPE at 1-800-788-4580 so the following steps may be taken
• Disable online access to accounts
• Change online banking passwords
• Open new account(s) as appropriate

For more information, here is a joint report recently issued by the FBI and other public agencies:

Fraud Advisory for Businesses: Corporate Account Take Over (PDF)

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