A federal bank regulator is concerned about what he or she said are cybercriminals targeting small and midsize businesses. The Federal Deposit Insurance Corporation said such attacks are on the rise. It plans to begin addressing the problem at a May symposium in Washington, D.C. “Our analysis of Financial Crimes Enforcement Network’s Suspicious Activity Reports indicates that bank losses related to computer intrusion or wire transfer have increased as of last fall,” said the director of the FDIC’s division of supervision and consumer protection. “We must do everything we can to keep electronic payments of all types safe.” The FDIC said the fraud has “resulted in losses in the millions, and frayed business relationships and litigation affecting both banks and businesses.” The specific issue is what the FDIC calls “corporate account takeover schemes.” Those involve criminals gaining access to a business’s online banking account by way of a password and user name or through hacking, another FDIC spokesman said. The criminals then make fraudulent electronic funds transfers. “This is happening all across the country,” he said.
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