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Hackers Target Online Banking

Fraud involving electronic transfers of funds explodes among small and midsize companies.

By staff Writer | Updated on April 01, 2010

Frauds involving electronic transfers of funds from the accounts of small and midsize companies that bank online exploded last year. A recent survey of smaller businesses by the Ponemon Institute and Guardian Analytics found 55% had experienced fraud in 2009, with 58% of that involving online banking.

“We’ve really seen a marked increase in the level and severity of fraud attacks perpetrated on the small business community,” says Terry Austin, CEO of San Francisco-based Guardian, which provides fraud detection software for banks.

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