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This is ABSOLUTELY NUCKING-FUTS
Recently, we had a bunch of business checks stolen.
These checks were being intercepted, the Made Payable To crossed out and rewritten, and then the checks were deposited at other banks using ATMs.
Bank Fraud with literally ZERO human interaction whatsoever.
You’ve heard of this thing called the FDIC, right? The Federal Deposit Insurance Corporation (FDIC) was established by Congress following the Great Depression to help rebuild public trust in the banking system.
It was designed to prevent a RUN on the banks where millions of customers make withdrawals, thereby causing the entire banking system to collapse.
Essentially, the FDIC creates economic stability by insuring YOUR personal deposits at the covered banks. The FDIC covers $250,000 per depositor, per insured bank for each different account category.
Now remember, what I said about why the FDIC was created. Its purpose is to prevent economic collapse, NOT to protect you from a hacker stealing your money out from under your nose.
You might also know the research firm Gartner. According to their research, they estimate that more than 10% of small businesses in the United States have fallen victim to banking fraud, which has caused more than 2 billion dollars in losses for these small businesses.
Now you know what this means.
If a hacker steals money from your business bank account, the bank is under ZERO obligation to reimburse your money.
Don’t believe me?
Go ask your bank what their policy is on refunding stolen money from your business bank account.
Wanna protect yourself from bank fraud?
Call your insurance company and make sure you have a proper crime policy that will cover stolen funds from your business bank account.
Doesn’t matter if it’s a hacker, a dishonest employee or a vendor. This is the only way to truly protect yourself from someone stealing YOUR hard-earned money through bank fraud.
If you’d like to find out if there may be other areas of your business that could be exposed to cyber crime of other sorts, contact our expert Cybersecurity support team by email to [email protected], or call +1 (201) 579-2086.