ACH Attacks on Small Businesses
A Rising Trend in Cybercrime
In the realm of cyber-attacks targeting small businesses, the more information we share, the better equipped we are to combat these threats. This article explores a growing trend in cybercrime: ACH attacks, where hackers aim to steal money electronically by altering bank account information within company accounting systems.
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Understanding ACH Attacks
Today, most companies use Automated Clearing House (ACH) transactions to pay their vendors and employees directly from their accounting or payroll applications, such as QuickBooks or Microsoft Dynamics. In an ACH attack, criminals secretly change the outbound banking routing numbers to their own accounts, causing companies to inadvertently pay the hackers instead of their intended recipients.
These attacks require time, patience, and a deep understanding of the targeted business’s systems. Once the criminals gain access, they quietly research the applications used by the company to determine how they can steal. They capture credentials to gain more control over the systems, often compromising the email system to capture password resets, scanning the network for spreadsheets of passwords stored by individuals, or installing keystroke loggers on key computers.
The Discovery of an ACH Attack
In one case, a company lost a six-figure sum over several months due to an ACH attack. The CEO, Greg, suspected something was wrong when his cash accounts didn’t reflect the profit he expected. Despite assurances from his CFO consultant, cyber insurance company, and IT service provider that nothing was amiss, a fraudulent payment revealed the truth.
Greg then contacted us at CIS, where we found thousands of vulnerabilities in the business network. We discovered rogue virtual servers, connections in and out of the firewall to unknown locations, and instances of hacking software traced back to China. After a relentless battle, we were able to isolate the system from outside attackers.
Beyond Financial Loss: The Business Implications of ACH Attacks
While the financial loss from an ACH attack is significant, there are other negative business implications. Employees may face suspicion and stress, routines and procedures may change, and vendors may worry about their own systems and be unhappy with delayed payments. Customers may also experience service issues or doubts about company safety and viability.
Protecting Your Business from ACH Attacks
Cybercrime is a massive global issue, and effective prevention requires technical experts who focus entirely on cyber security. As a business executive, it’s crucial to seek an independent outside opinion from a specialist cyber security company to understand your vulnerability to an attack.
In the case of Greg’s company, despite assurances from various experts that his systems were secure, thousands of dollars were being stolen. As we often say, “trust but verify.”
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Custom Information Services: Your Cybersecurity Partner
Are you facing cybersecurity challenges or have questions that need expert answers? Don’t hesitate to reach out to us. We’re here to help you navigate the complex world of cybersecurity and ensure your business is secure.
Interested in understanding your organization’s security posture? Consider exploring our Vulnerability Assessment service. It’s an essential step towards identifying potential weaknesses in your systems and implementing the necessary security measures.
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Remember, in the digital world, being proactive is better than being reactive. Let us help you stay ahead of the curve.
