In the past 10 years, online banking has exploded, with millions of customers checking their balances and moving money around through Web browsers.
Such activity has created a goldmine for cybercriminals, who hack into online bank accounts and transfer large sums to accounts they control.
Under federal law, private, or “retail,” customers in the United States are largely insured against such fraud. But no such protections apply to commercial clients, whose huge losses can lead to bankruptcy.
Yet many owners of small and medium-size businesses are unaware of the risks of online banking. Stories of businesses being cleaned out by cybercriminals, and then not recompensed by their banks, rarely make it beyond local newspapers.
Here’s how to avoid being the next victim.
Understand the risks
Cybercriminals target small and medium-size businesses for two important reasons.
First, many business owners often have a limited u[...] Read More...