Wall Street Journal: Small business is the online bank fraud target

The Wall Street Journal Reported Monday on increasingly focused cyber attacks on small businesses. See Wanted: Defense Against Online Bank Fraud Small businesses have been hit by a wave of cybercrimes. Here's how to protect your accounts.

I'm happy to see this topic get some coverage but the advice on how to protect against these attacks is more of the same "band aids", "bodyguards", "be really diligent" suggestions that do nothing to change the current unsatisfactory nature of cyber security.

Brian Krebs has a series of articles on specific attacks that circumvent much of our current defenses. Follow this link and view some of his other postings for more: Comerica Phish Foiled 2-Factor Protection, Krebsonsecurity.com.

What makes these attacks so scary is that there are no statutory requirements for banks to reimburse businesses for losses. If this happens in an individual account you are usually protected.

Many of these attacks begin with spoofed emails that direct you to spoofed sites that load malware onto your computer. Authenticated email would make this type of attack very difficult if not impossible. And how about having the bank site do some authentication beyond 2 factor?

Banks should be required to improve online authentication or they should be prevented from offering on-line banking to businesses. Times are difficult enough for a small business without the added risk of on line bank fraud. We can do a better job with existing technologies, including DNSSEC.

Comments

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i like this part of the post:"Banks should be required to improve online authentication or they should be prevented from offering on-line banking to businesses. Times are difficult enough for a small business without the added risk of on line bank fraud. We can do a better job with existing technologies, including DNSSEC." is very good

[Alex]

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