Corporate Account Takeover: A Silent Threat to Your Business
Businesses face a growing number of cyber threats—and one of the most dangerous is Corporate Account Takeover (CATO). Unlike traditional fraud, CATO is stealthy, sophisticated, and often devastating.
What Is Corporate Account Takeover?
Corporate Account Takeover occurs when cybercriminals gain unauthorized access to a business’s financial accounts. Once inside, they can initiate fraudulent wire transfers, steal sensitive data, or impersonate executives to manipulate employees and vendors.
These attacks often begin with phishing emails, malware, or credential stuffing—where attackers use stolen login credentials from other breaches to access business systems.
How It Happens
- Phishing Emails: Employees receive emails that appear to be from trusted sources, prompting them to click malicious links or enter login credentials.
- Malware Infections: Clicking on infected attachments or links installs keyloggers or remote access tools.
- Credential Reuse: If employees reuse passwords across platforms, attackers can exploit known breaches to access business accounts.
- Social Engineering: Fraudsters pose as executives or vendors to trick staff into transferring funds or revealing sensitive information.
Real-World Impact
- Financial Loss: Businesses have lost hundreds of thousands of dollars in a single incident.
- Reputation Damage: Clients and partners may lose trust in your ability to safeguard data.
- Operational Disruption: Investigations and recovery efforts can halt business operations for days or weeks.
How to Protect Your Business
- Enable Multi-Factor Authentication (MFA) on all financial and email accounts.
- Educate Employees about phishing and social engineering tactics.
- Monitor Account Activity for unusual transactions or login attempts.
- Use Strong, Unique Passwords and update them regularly.
- Partner with Your Bank to set up alerts and transaction limits.
Corporate Account Takeover is not just a risk for large enterprises—small and mid-sized businesses are often the most vulnerable due to limited cybersecurity resources. By staying informed and proactive, you can protect your business from becoming the next victim.
Monson Savings Bank Is Here to Help
At Monson Savings Bank, we’re here to help you stay one step ahead. We offer secure digital banking tools, fraud detection services, and personalized support to help protect your business. If you ever suspect fraud or need guidance, reach out to your business banking team.
Visit our Business Security Center for more information on how to protect your business.
This blog post is for informational purposes only and does not constitute legal, financial, or cybersecurity advice. Businesses should consult with qualified professionals for guidance specific to their operations and risk profile. Monson Savings Bank is not responsible for any losses resulting from the use of this information.
