Cybercrime: The biggest threat in banking

BY KRISTINE LUNDE

Named one of the greatest threats facing our country, cybercrime is increasing at an unprecedented, costly rate. The Federal Trade Commission estimates 10 million identity theft incidents occur every year. Large corporations like Target or Home Depot, smaller companies and financial institutions, even individuals often fall victim before knowing they are at risk. They face losing money, sensitive information, and consumer trust.

While large data breaches have topped headlines nationwide, 30 percent of all cyber attacks are targeted at small businesses, 250 employees or less, according to CNBC. One rapidly growing electronic crime causing problems among smaller businesses in our region is corporate account takeover. It’s a cybercrime method where thieves typically use malware, often by sending emails appearing to be from a trustworthy source, to obtain customers’ login credentials for corporate online banking accounts. Once an individual unknowingly installs their virus, the thieves can monitor, access and transfer funds from accounts. The scary part is by the time you realize you are a victim, the money is gone.

In 2012 alone, corporate account takeovers compromised 174 million records via email. That same year, Internet crime losses totaled $1.5 million in North Dakota and $4.7 million in Minnesota. Law enforcement agencies across both states have been proactive in their approach, now adding detectives and FBI agents solely dedicated to cybercrime prevention.