What is Corporate Account Takeover?
Corporate Account Takeover occurs when a criminal obtains electronic access to your credit union account and conducts unauthorized transactions. The criminal obtains electronic access by stealing the confidential security credentials of your employees who are authorized to conduct electronic transactions (Wire Transfers, Automated Clearing House – ACH, and others) on your corporate credit union account (Business Account). Losses from this form of cyber-crime range from the tens of thousands to the millions with the majority of these thefts not fully recovered. Corporate Account Takeovers have affected both large and small credit unions.