Corporate Account Takeover (CATO)
Corporate Account Takeover is a type of business identity theft where cyber thieves gain control of a business' bank account by stealing employee passwords and other valid credentials. Thieves can then initiate fraudulent wire and ACH transactions to accounts controlled by the thieves. Businesses across the United States have suffered large financial losses from electronic crimes through the banking system. These thefts have ranged from a few thousand to several million dollars. It is important to remember that electronic crimes are dynamic as cybercriminals continually change their techniques. For additional information, please contact First State Bank at 712-364-3181.
Onguard Online
OnGuardOnline.gov provides practical tips from the federal government and the technology industry to help you be on guard against internet fraud, securing your computer and protecting your personal information. As a reminder, NEVER give personal information to anyone over the phone, the internet, or through the mail that you are not familiar with or did not initiate.
Do Not Call Registry
The National Do Not Call Registry is putting consumers in charge of the telemarketing calls they receive at home. The National Registry was created by the Federal government to make it easier and more efficient for you to stop getting telemarketing calls you don’t want. You can register online or call toll-free 1-888-382-1222 (TTY 1-866-290-4236) from the number you wish to register. Registration is free and does not expire. If you have previously registered your number, there is no need to register again.
Avoid Money Wiring Scams
Scam artists pretend to be someone they aren’t and tell bogus stories to con you into wiring them money. The crooks will give pretty convincing reasons to wire the money. They might say you owe the IRS taxes and you’ll be arrested if you don’t pay up. Or that you won a federal grant and have to pay a processing fee to get your money. Some even go as far as telling you a loved one’s in trouble and needs your help. They might tell you to use a money wiring service to add funds to an account number they give you, referring to it as a case number or account number, but it’s not. Once the transfer goes through, the money’s gone and you can’t get it back. Government agencies will NEVER ask you to pay by wiring money and neither will legitimate businesses. If some insist you pay by wiring money, it’s a scam. Don’t do it. Instead, report it to your local police and to the Federal Trade Commission at www.ftc.gov/complaint or 1-877-FTC-HELP.
RESOURCES FOR BUSINESS ACCOUNT HOLDERS
- The Better Business Bureau's website on Data Security Made Simpler: http://www.bbb.org/data-security
- The Small Business Administration's (SBA) website on Protecting and Securing Customer Information:
- The National Institute of Standards and Technology's (NIST) Fundamentals of Information Security for Small Businesses: https://csrc.nist.gov/publications/detail/nistir/7621/rev-1/final
- The jointly issued Fraud Advisory for Businesses: Corporate Account Take Over from the U.S. Secret Service, FBI, the Internet Crime Complaint Center (IC3) and the Financial Services Information Sharing and Analysis Center (FS-ISAC).
- NACHA - The Electronic Payments Association's website has numerous articles regarding Corporate Account Takeover for both financial institutions and banking customers: http://www.nacha.org.
ADDITIONAL HELPFUL LINKS
Savings Bonds Information at TreasuryDirect
Federal Deposit Insurance Corp (FDIC)
Electronic Deposit Insurance Estimator (EDIE)
State of Iowa Official Website
Financial Calculator
Federal Trade Commission Tips to Stay Safe & Secure Online