Cyber-robberies are being observed in small firms, local governments, churches, schools and others. A study was conducted by the FBI along with the American Bankers Association regarding it on small and medium sized businesses. The survey advised the firms for conducting financial transactions over the internet by using a separate PC which can be used exclusively for online banking.
Manipulation of online accounts is done by using certain malicious programs during cyber attacks. According to the FBI report, an amount of about $100 million was involved in fraudulent transfers by cyber-robbers in 2008 and 2009. It was found that small and medium sized businesses using online bank accounts were the victims of the cyber-attacks. The bank limits and dollar value associated with transactions could be tracked by the small business owners.
A standard computer environment should be present in a business location. Password controls have to be ensured. Care should be taken that the passwords are changed frequently. The username and password information should be kept confidential. Proper management of firewalls must be ensured by the business owners. Mobile alerts for ACH transactions can be activated in order to be aware of the transaction in real time.
Stronger online banking authentication mechanisms are considered by banks. Proper levels of security were checked by the banks by examining the network and system infrastructure.