Corporate Account Takeover. presented by Commerce Bank IT & Security Departments 2013

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1 Corporate Account Takeover presented by Commerce Bank IT & Security Departments 2013

2 Agenda 2 1 What is Corporate Account Takeover? How does it work? Types of Security Threats & Countermeasures Current Trends What can you do?

3 1 What is Corporate Account Takeover? A fast-growing electronic crime where thieves typically use some form of malware to obtain login credentials to online banking accounts and then fraudulently transfer funds from those accounts. NOTE: Account Takeover can also involve a Consumer Account

4 2 How does it work? Criminals target victims via scams. Victim unknowingly installs software by clicking on a link or by visiting an infected site. Fraudsters begin monitoring accounts. Fraudsters collect login credentials. Fraudsters wait for the right time and, depending on your controls, may log in after hours. Or, if you are using a token, they wait until you enter your code and then they hijack the session.

5 3 \Types of Security Threats 5 Malware Phishing Viruses Rogue Software/ Scanware Spyware

6 3 \Malware 6 Definition Short for Malicious Software, Malware is software designed to infiltrate a computer system without the owner s informed consent. Includes: Computer viruses Worms Trojan horses Spyware Dishonest adware Crimeware Most rootkits Other malicious and unwanted software

7 3 \Viruses 7 Definition A computer program that can copy itself and infect a computer. The term virus is commonly, but incorrectly used to refer to other types of malware, adware, and spyware programs that do not have the reproductive ability. Some viruses try to avoid detection by killing the tasks associated with antivirus software before it can detect them.

8 3 \Spyware 8 Definition Type of malware that is installed on computers and collects little bits of information at a time about users without their knowledge. The presence of spyware is typically hidden from the user, and can be difficult to detect. Spyware can install additional software, redirect the Web browser, change computer settings and home pages, and/or cause loss of Internet access.

9 3 \Rogue Software/Scanware 9 Definition Form of malware that deceives or misleads the user into paying for fake or simulated removal of malware. Has become a growing and serious security threat to desktop computing. Relies mainly on social engineering in order to defeat security software. Must have a trojan horse component, which the user is misled to installing, including: Browser plug-in Multimedia codec required to play video clip Software shared on peer-to-peer network A free online malware-scanning service

10 10 3 Sample: Rogue Software/Scanware

11 3 \Phishing 11 Definition Criminally fraudulent process of attempting to acquire sensitive information (usernames, passwords, credit card details), by masquerading as a trustworthy entity in an electronic communication. Commonly used means Social websites Auction Sites Online Payment Processors IT Administrators

12 3 Sample: Phishing 12

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20 3 Sample: Phishing 20

21 4 Current Trends: Usage 21 Some experts feel is the biggest security threat of all. is the fastest, most effective method of spreading malicious code to the largest number of users. It is also a large source of wasted technology resources. Examples of corporate wasters Electronic Greeting Cards Chain Letters Jokes & Graphics Spam & Junk

22 4 Current Trends: Hoaxes 22 Hoaxes attempt to trick or defraud users. is the fastest, most effective method of spreading malicious code to the largest number of users. It could also be a scam that convinces users to send money or personal information. Phishing attacks fall into this category.

23 4 Current Trends: Statistics 23 Malicious Websites (including Social Networking sites) According to researchers, 76% of web resources used to spread malicious programs were found in 5 countries: Web-borne infections Sources United States Russia Netherlands China Ads from popular sites P2P Downloads (file sharing) Ukraine

24 5 What Can You Do? PROTECT 24 Educate train employees (corporate customers) Install and maintain updated anti-virus software Secure your computers and networks Limit Admin rights Install and maintain spam filters Surf the Internet carefully Install security updates as they become available

25 5 What Can You Do? DETECT 25 Train employees (corporate customers) Reconcile accounts daily Be on alert for suspicious s Install and maintain updated anti-virus software Note any sudden changes in computer performance Complete a full scan at minimum on a monthly basis

26 5 What Can You Do? RESPOND 26 Make sure employees know how and to whom to report suspicious activity both at the company and at the Bank Contact the Bank If you suspect fraud If you are trying to process an Online Wire or ACH payment and receive a maintenance page If you receive an claiming to be from the Bank requesting personal and/or company information