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. Patterson is appealing a ruling handed down by a magistrate earlier this year that found the bank’s fraud-detection systems at the time of the takeover were commercially reasonable.”]
Source: https://www.bankinfosecurity.com/ach-fraud-more-education-needed-a-4261