Business Alert: Spotting Fraudulent Emails & Preventing Corporate Account Takeover
At Gulf Coast Business Bank, we understand the unique risks businesses face in today’s digital landscape. One of the most serious threats is Corporate Account Takeover (CATO), a type of fraud where cybercriminals gain unauthorized access to a business’s banking credentials and drain funds or manipulate transactions.
Often, this starts with something as simple as a fraudulent email.
What Is Corporate Account Takeover?
Corporate Account Takeover occurs when criminals use malware, phishing, or social engineering to compromise a business's login credentials. Once inside, they can initiate wire transfers, payroll payments, or ACH transactions—without the company's knowledge or approval.
How to Spot a Fraudulent (Phishing) Email
Educating your team is critical. Here are common red flags:
- Unfamiliar or Altered Sender Email
- A message may appear to come from a vendor, bank, or even a senior executive (e.g., ceo@yourcomapny.com instead of ceo@yourcompany.com).
- Urgent Payment or Login Requests
- “Your account will be locked unless you act now.”
- “Please approve this wire transfer immediately.”
- Fake Links or Attachments
- Hover over links before clicking — check if they direct to a legitimate domain.
- Malware often hides in fake invoices or attachments labeled as “contracts,” “statements,” or “secure messages.”
- Requests for Sensitive Business Information
- No reputable organization will ask for banking credentials, full account numbers, or login codes via email.
- Poor Grammar and Formatting
- Many phishing emails contain errors or awkward phrasing that seem unprofessional.
- Spoofed Executive or Vendor Communications
- Emails that impersonate a CEO, CFO, or supplier, requesting urgent fund transfers or sensitive data.
Best Practices to Prevent Corporate Account Takeover
- Educate Employees Regularly
- Train staff to recognize phishing attempts, especially those involved in finance, HR, and IT.
- Use Multi-Factor Authentication (MFA)
- Require two-factor authentication for all business banking and email systems.
- Establish Dual Control Procedures
- Require at least two employees to approve outgoing payments and wire transfers.
- Verify Requests with a Callback
- Always confirm transfer or payment requests using a known phone number, especially if the email is unexpected or urgent.
- Maintain Strong Cyber Hygiene
- Keep systems updated, use reputable anti-virus software, and monitor account activity daily.
If You Receive a Suspicious Email: Take These Steps
- Do Not Click or Open Attachments
- Notify Your IT and Security Teams Immediately
- Call or Email Your Relationship Manager or Personal Banker
- Run a Full System Scan if You Suspect Malware
How GCBB Supports Your Business Security
We’re committed to helping protect your business. GCBB offers:
- Real-time fraud monitoring
- Positive Pay and ACH filters
- Secure corporate banking portals
If you suspect a breach, contact us immediately — speed is critical in preventing loss.