Corporate Account Takeover - Latest Cases

Corporate Account Takeovers (CATO) have a significant impact on financial institutions and losses continue to increase. Approaches used by cybercriminals are advancing with new malware tools or new fraud such as Business Email Compromise. In most of these situations, customers are left with a large loss on their books and turn to legal action against their financial institution to settle. Most of these cases are settling out of court, but we have a handful of court cases that have come to conclusions on who will be liable for the losses. We will review each of these cases, important considerations, and the outcome for the financial institution. Besides ruling on these cases, we need to examine the reputational damage created with the customer and within the community. The best situation for community banks is to reduce the impact and probability of a CATO happening in the first place.

Covered Topics:

  • How CATO works
  • Recent Case Studies
  • Prevention - reduce likelihood of fraud
  • Detection - manual and automated methods
  • Response - timely steps to address losses
  • Educational solutions to reduce risk

Who Should Attend?

Information Security Officer, IT Manager, Risk Officer, Internal Auditor, and Executives looking to understand the risk around Corporate Account Takeover.