Corporate account takeover is a type of cyber attack that is growing more and more common. It’s important for those engaging in 1031 exchanges to be aware of how these attacks work and how to prevent them. In this article, we are going to discuss corporate account takeover and how to protect against this type of cyber attack.
How Does a Corporate Account Takeover Occur?
A corporate account takeover occurs when a cyber-criminal takes over your business account. Usually this happens either through the theft of your online credentials or the hijacking of your online session.
How can Someone Steal your Online Credentials?
Typically the way this works is a cyber criminal will start with some sort of social engineering attack. This often comes in the form of an e-mail that has an attachment or a link they want you to click on. If you download the attachment, malware will be downloaded onto your device. If you click on the link, you will be brought to a website that will download malware to your device, or ask you for your login credentials. This malware could be something like a keystroke logger, which collects your keystrokes as you go through your online banking session. Using this information, a fraudster can gain access to your account. This is just one example of how a fraudster can gain access to your online accounts.
How to Avoid Corporate Account Takeover
Education and awareness on social engineering and how fraudsters gain access to accounts is essential. Everything from the physical elements (such as protecting your computer) to email (knowing how to spot phishing emails and other red flags) are great methods for preventing corporate account takeover. It’s also important to work with your financial institution to ensure that they are offering you the best fraud prevention tools available.
Contact Commercial Partners Exchange Company
It’s important to be strategic when approaching a 1031 exchange, and a qualified intermediary is the best advisor you can have on your team. At Commercial Partners Exchange Company, we have been facilitating exchanges for clients around the United States for over two decades. Reach out to our qualified intermediaries today to discuss the details of your next 1031 exchange! You can find us at our main office in downtown Minneapolis, or at one of our satellite offices around the country.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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