CATO: Corporate Account Takeover

What is Corporate Account Takeover (CATO)?

Corporate account takeover is a type of fraud where thieves gain access to a business’ finances to make unauthorized transactions, including transferring funds from the company, creating, and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable.

Spot the Warning Signs

It is important to be vigilant in monitoring account activity and looking for reg flags. Always remember these warning signs of a compromised system/network:

  • Inability to log into online banking
  • Dramatic loss of computer speed
  • Changes in the way things look on the screen
  • Unexpected rebooting or restarting of the computer
  • Unusual pop-up messages
  • New or unexpected toolbars and/or icons
  • Inability to shut down or restart the computer

How to Prevent CATO

There are several actions that can be taken to prevent being a victim of CATO:

  • Install and update your anti-virus and anti-spyware software frequently
  • Keep your computer’s operating system up to date
  • Use the most recent version of a web browser
  • Install a firewall
  • Delete suspicious emails
  • Do not open or click on links or attachments in suspicious emails
  • Monitor account activity closely and watch for unusual activity

What to do if You Fall Victim

If you have fallen victim to CATO, consider doing the following immediately:

  • Changing all passwords
  • Disconnecting from computer
  • Cancel debit/credit cards
  • Contact authorities to open an investigation

If you feel that you have been a victim of CATO, please contact us so that we may assist you.