1st Mariner Bank’s Vice President and Cash Management Sales Manager, Elizabeth Sherman talks about how business owners can protect their company against fraud.
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Identity Theft/Rental Fraud
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After finding itself the victim of a $ 588,000 cyberheist, Patco Construction suffered another loss when a Maine district court judge ruled in favor of the bank and denied Patcos suit to recover its losses (Patco Construction Company, Inc., v. Peoples United Bank d/b/a Ocean Bank).(1) The outcome of this case underscores the warnings made by IT security expert Stu Sjouwerman (pronounced shower-man), founder and CEO of Internet Security Awareness Training (ISAT) firm KnowBe4, who has cautioned small and medium enterprises (SMEs) that financial institutions often do little to protect businesses when cybercriminals raid their accounts.

As outlined in the court filings, Patcos ordeal began in May 2009, when a series of unauthorized transfers were made from its account at Ocean Bank. An outside IT consultant ran anti-virus scans that quarantined and deleted a Zeus/Zbot trojan, which Patco maintains was used to steal the companys online banking credentials. While there are no published details as to how the malware came to be on Patcos system, Sjouwerman notes that cybercriminals often rely on phishing emails and other social engineering tactics to trick employees into clicking a link, which enables the perpetrators to bypass antivirus software and load malware directly onto corporate systems. The facts of the case revealed that unknown third parties began issuing a series of transfers from Patcos commercial account at Ocean Bank, sending the money to dozens of different co-conspirators over a seven-day period.

The court records note that by the time Patco became aware of the theft and notified the bank, $ 588,000 had been transferred. Ocean Bank was able to block or recover a portion of the fraudulent transfers, but Patco was still out some $ 345,000. Furthermore, because Patco didnt have the available funds to cover the transfers, Ocean Bank drew from the companys line of credit which meant Patco had to pay interest to avoid defaulting on the loan. Patcos subsequent lawsuit against Ocean Bank claimed that the bank didnt do enough to protect its commercial accounts. In May 2011, a magistrate recommended that the court deny Patcos summary judgment and grant the banks motion. On August 4, the district court judge approved the magistrates decision.(2)

As the Patco case demonstrates, companies often have no recourse when cybercriminals drain their accounts. Since banks wont offer protection, business owners need to protect themselves by providing Internet security training to their employees so that cyber thieves cant access their systems in the first place, asserted Sjouwerman. Anyone can potentially be taken in by cybercriminals sophisticated ploys if they havent been trained to recognize and avoid them. All it takes is one click of a phishing email by an unwitting employee, and an entire network can be compromised. Patco learned the hard way that one wrong click can have very costly repercussions.

According to Sjouwerman, while federal regulations require banks to make good on losses from personal accounts, commercial accounts do not have the same protection, which is why Patco had to take Ocean Bank to court to try to recover its losses. He noted that the judges decision in the Patco case may set a precedent that will make it even more difficult for businesses to recover stolen funds. Ultimately, business owners are responsible for protecting their bank accounts and their networks. Internet security training can pay for itself many times over if it helps SMEs avoid a cyberheist.

KnowBe4s own client research revealed that 26% to 45% of employees were Phish-prone or susceptible to phishing attacks before receiving training. Upon implementation of ISAT, the Phish-prone percentage was immediately reduced by 75%. In just four weeks, additional testing and retraining shrunk that figure close to zero.

To help SMEs determine what percentage of their staff is Phish-prone, KnowBe4 offers a free phishing security test. The test can prove invaluable to managers and IT specialists who are interested in ISAT, as the results may be the ammo they need to shake loose the funds for training, said Sjouwerman. Our ISAT system is very affordable, and I think most companies would find it to be the best possible use of their security budget. Thats why I urge businesses take advantage of our free phishing security test it can be a very effective first step toward protecting their network, as well as company assets.

Other steps companies can take include reviewing KnowBe4s free cybercrime education resources and case studies to learn about cybercriminals tools and tactics. Sjouwerman also published a trove of cybercrime knowledge in Cyberheist: The Biggest Financial Threat Facing American Businesses Since the Meltdown of 2008. Cyberheist examines the business of cybercrime, explores a number of case studies and offers proven tips for cybercrime prevention.

For more info about KnowBe4 including the free phishing protection test plus different useful cybercrime prevention tools see http://www.knowbe4.com. To read a lot more about Cyberheist, or with purchase the paperback or e-book edition, see http://www.cyberheist.com.

About Stu Sjouwerman and KnowBe4

Stu Sjouwerman is the founder and CEO of KnowBe4, LLC, which provides web-based Internet Security Awareness Training (ISAT) to small and medium enterprises. A data security expert with more than 30 years in the IT industry, Sjouwerman was the co-founder of Sunbelt Software, an award-winning anti-malware software company that he and his partner sold to GFI Software in 2010. Realizing that the human element of security was being seriously neglected, Sjouwerman decided to help entrepreneurs tackle cybercrime tactics through advanced Internet security awareness training. He is the author of four books, including Cyberheist: The Biggest Financial Threat Facing American Businesses Since the Meltdown of 2008.

(1) Patco Construction Company, Inc., v. Peoples United Bank d/b/a Ocean Bank; case no. 2:09-cv-503-DBH. http://docs.ismgcorp.com/files/external/Order-MSJ-052811.pdf

(2) Kitten, Tracy. ACH Fraud: Judge Denies Patco Motion. Bank Information Security; August 9, 2011. http://ffiec.bankinfosecurity.com/articles.php?art_id=3939

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This couple from a South American country used someone else’s identity in the US to gain illegal entry to the UK. They then created a comfortable life themselves by committed benefits fraud and claiming over £100000 of state welfare benefits for themselves over a period of 14 years. Part of their deceit was that they were living as brother and sister, but were in fact living together as a couple. They had used the identity of Indian persons living in the US to make their entry to the UK easier. The man had already been deported from the UK previously for domestic violence offences. Even when caught bang to rights by the Border Agency Control officers they still continued to lie and continue the deceit. This case illustrates how shockingly bad the UK’s Border Control is. How on earth can someone STEAL someone else’s identity to gain illegal entry into the UK??? It just defies belief. You would think they would check people’s identities more carefully wouldn’t you? To make matters worse, Border Control had no clue at all about this couple, had it not been for the persons who’s identity was being used (now living in America) informing them. Why are immigrants even being allowed access to benefits when they have not even paid a penny into the system? If they cannot support themselves they shouldn’t be here. Simple as that. The UK is not a charity and the British taxpayer should not have to support idle benefits scroungers from around the world. It’s time the government …

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Best answer:

Answer by balibot
Just change ur password. visit the contact you switch plus send them an e-mail. We could change the password frequently with avoid this though.

Give your answer to this question below!

www.IDTheftSecurity.com Preventing Identity Theft needs wrapping a protection program about the identity. Insurance alone will likely not safeguard we. Proactive solutions are imperative.
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Concerned regarding identity theft? We are not alone. More than 8 million Americans are affected by identity theft every year. Fortunately, there are certain procedures you are able to take decrease a risk of becoming a victim of identity theft. TransUnion wants we with remain secure plus suggests the following secrets. Doe more info regarding identity theft, see the identity theft knowledge center at www.transunion.com

For many consumers, the swipe of a credit card and the cha-ching of a cash register officially rings in the holiday season. It is important, however, for consumers to remain vigilant while shopping to ensure they dont put themselves at undue risk for identity theft.

We want consumers to be safe when shopping online and in stores this holiday season, says Jamie May, Chief Investigator at AllClear ID. With all of the commotion this time of year, its easy to let your guard down, not only in a hectic store but when making online purchases as well.

In order to make sure your money is safe this holiday season, AllClear ID, the worlds first 100% free essential identity theft protection service for consumers, offers six easy safety tips for in-store and online shopping:

1.����Use credit, not debit when checking out in-stores or online. Its best to use a credit card over a debit card, because under federal law, you can dispute the charge if you dont receive the item you purchased. You also have dispute rights if there are unauthorized charges on your credit card.

2.����Say no to store charge card offers. As attractive as store charge card accounts and on-the-spot discounts or coupons may be, consider how busy and distracted the store is at this time of year. Do you trust that the store clerk or cashier will take proper care with the form you just filled out, which lists everything from your address to your Social Security number?

3.����Stick to trustworthy websites for online shopping. Review the sellers reputation and record for customer satisfaction at the Better Business Bureaus (BBB) website, or look for the BBB seal and other widely-recognized trust marks on retailer websites.

4.����If a deal looks too good to be true, it probably is. Thieves can create legitimate looking websites that offer seemingly great deals very quickly; however, these sites often sell counterfeit goods or just collect your personal information to commit fraud. In addition to checking for trust marks, check to see if the site has reviews from other customers on a that information is difficult to fake.

5.����When donating in lieu of a gift, first verify the charity. Unfortunately, the season of giving also creates opportunity for fraudulent charities. A great tool for verifying charities before you donate is Charity Navigator. You can search by name, type of charity, and location to confirm the group exists, and check how it is rated — including how the organization spends its money and recent news stories.

6.����Confirm your online purchase is secure. Always look in your Internet browsers address box for the s in https:// and in the lower-right corner of the screen for the lock symbol before entering your credit card information to pay. These indicators tell you that your website connection is secure.

Interested in protecting yourself and your family from identity theft? Stay up to date on the latest threats on the AllClear ID blog and check out additional holiday shopping tips online:https://www.allclearid.com/blog/tag/id-theft-and-the-holidays

About AllClear ID:

AllClear ID is the worlds initially 100% free necessary identity theft security service for customers. AllClear ID leverages its specialists, development plus deep safety experience with offer the greatest customer identity theft security items accessible. AllClear ID provides treatments including AllClear ID Free, AllClear ID Pro along with a free ChildScan for youngsters. AllClear ID is a private business plus headquartered inside Austin, Texas. For more info, please see http://www.allclearid.com.

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