When you open a bank account, you expect your money to be protected. You look for the FDIC symbol, to be sure your hard-earned money is protected by the Federal Deposit Insurance Corporation.
You also make sure your electronic transactions are safe. They are, thanks the 1978 Electronic Funds Transfer Act, which protects people like you from bank theft.
There's a problem, though. That Act says nothing about businesses being protected. As it turns out, cybercriminals are devising ingenious ways to drain bank accounts, notably small business accounts.
Unfortunately, small business owners are particularly vulnerable because they don't have the financial resources that large corporations have to survive a major theft, and many don't have Internet security teams on staff. On average, cybercriminals steal $32,000 from small businesses, when they drain their bank accounts, estimates the National Small Business Association.
Note: If you own a small business, meet with your banker to make sure your accounts are protected against theft, the American Bankers Association recommends. You may have to comply with the bank's security requirements.
So, how are cybercriminals accessing small business bank accounts and stealing your money? You'll be surprised by how clever and devious they are; check out these five ways cybercriminals drain bank accounts. (Bonus: Keep reading for a tip to protect your devices and your company's computer system.)