Identity Theft – Business
Risk Assessment
To mitigate the risks associated with Business Online Banking, including ACH and wire transactions, it is recommended that clients perform a yearly review of controls and risks. Items to consider include:
- information or functions available through the commercial website
- the volume of transactions
- security policies and procedures for access to the corporate accounts
- security monitoring solutions
- security layers
- logical and physical access privileges.
Training should be conducted at least annually for any employees with access to corporate online bank accounts for review policies, procedures, and features.
Layered Security Measures
We recommend that commercial clients implement a layered security to address risks associated with online banking.
Recommendations:
- Up-to-date antivirus software, as well as software or hardware firewall, are essential to preventing the loss of data through malware attacks like Trojans and viruses.
- It is essential to keep operating system patches up to date on workstations, servers, and infrastructure appliances, as well as patches for software like Java, Flash, and Silverlight.
- We suggest the use of our ACH and Check Positive Pay services to help ensure that all transactions are legitimate. These services help prevent fraudulent activity in the event that your account payment information is compromised (lost/stolen/washed checks, routing number and account number). Please contact us at 866-534-2341 or contact your Treasury Management officer for additional information about these services.
- Use a dedicated PC for accessing republicbank.com, which is not used for any other purpose other than financial transactions.
- Limit the number of employees with logical and physical access to sensitive account information.
- Request us to set up your users with Dual-Control for ACH and wire transactions, which will result in two employees needing to be involved on the release of funds through these specific networks (Wire & ACH).
- Notify us if a user needs to be removed from the account entitlement. Never share password and/or IDs.
Commercial Account Takeover
To mitigate the risk of corporate account takeover, commercial clients should consider a combination of the following security measures:
- Use of a dedicated computer for conducting bank transactions. Internet browsing and e-mail should not be allowed from this workstation.
- Regular patching of operating systems and software.
- Current antivirus and host-based firewall software should be installed.
- Current browser versions should be maintained.
- Review transactions and do not batch approve transactions.
- Always send documents that contain sensitive information encrypted. Click here for more info about our secure email.
- Contact us if you notice that your Business Online Banking system behaves suspiciously (i.e. pages look different, token request is popping up without a reason).
- Republic Bank will never ask for your Business Online Business password and will never request for you to reveal to us a Secure Access code sent to you by voice or text message. This information should only be entered into the appropriate on-screen fields as part of Business Online Business login and/or transaction approval.
Contact Us
If you suspect fraudulent activity, have been notified about malware on a computer that is used for bank transactions, or have questions regarding transactions, please contact us immediately.
Contact one of our Treasury Management Specialists at 1-866-534-2341.