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How to Prevent Electronic Fund Transfer Frauds

Even though online banking is still relatively new, it is difficult for most companies and individuals to imagine life without it. Enterprises and individuals have the ability to:

  • Collect fees and payments
  • Pay bills
  • Send money to anyone, anywhere
  • Keep track of payments/bills
  • See how much money is in the account

At Comodo, we realize that all this freedom to pay and be paid electronically provides a lot of benefits, but we also know that it can lead to identity theft if not careful. Electronic Fund Transfer is harder to hack, but not impossible, so you need to remain vigilant when trying to thwart these attacks.

What It Is

Electronic fund transfer fraud can happen anywhere and to anyone. It is where someone accesses your business or personal banking account and transfers the funds to a different account without your permission to do so. You may think it impossible for hackers to get access to your accounts, but it is relatively easy if they have the right tools and a little knowledge, and most are cunning.

The easiest way for them to get access is to steal your debit or credit card, but that is sometimes difficult to do, and most prefer to remain anonymous. They can attach skimmers to ATMs to read the card numbers or passwords, gain access to the primary computer terminal through malware and many other ways.

Prevention Tips

We aren’t saying you should never perform an electronic fund transfer. That makes no sense and wouldn’t be good for business. You just have to prevent attacks through this method and all other methods, to ensure the safety of your money and information. You should create an EFT policy that is strict and only allows certain people to have access and check bank accounts frequently. You can also use our product to help upgrade your security. Contact us today to learn more.