Mark Patterson, co-owner of a Maine-based construction company, lost $345,000 in a corporate account takeover. Patterson says he doubts small businesses have a handle on how vulnerable they are to online phishing attacks. The Federal Financial Institutions Examination Council’s updated online authentication guidance doesn’t go far enough, he says. Until banks are held legally liable and accountable for losses suffered after incidents of ACH and wire fraud, security won’t improve, he argues. Patterson: “I just don’t think small businesses know the threat that’s out there””]
Source: https://www.cuinfosecurity.com/ach-fraud-more-education-needed-a-4261