Information Week recently rated bank account takeover as the number one cyber risk for small- and mid-sized businesses. This occurs when hackers install viruses on company computers to break into online banking sessions and perform illegal transactions.
Officials say inadequate security often puts businesses at risk.
“It is most often the business’s computer that is the target of the cyber criminal’s attack,” said Citizens Bank CFO and COO C. Scott Greer. “Since we don’t own and manage the computers of our business customers, it is impossible for us to ensure their security.”
While merchant fraud protection can be costly, Citizens is offering its commercial customers a new, affordable way to protect against account takeover and other instances of fraud. EFTGuard provides fraud prevention, risk education and loss reimbursement up to $500,000 to businesses that bank online.
The program, which costs less than $20 per month, is meant to be used in conjunction with the bank’s anti-malware software, Trusteer Rapport, to offer the most security.
“The combination of Trusteer Rapport, EFTGuard and sound security practices offers a great deal of protection at a reasonable price,” said Greer.