Commercial Account Takeover
Midland States Bank has implemented procedures to stop or limit cyber fraudsters.
Account Takeover is a form of identity theft where cyber thieves gain control of a bank account by stealing passwords and other valid credentials. Midland States Bank has implemented procedures to stop or limit cyber fraudsters, however, there are limits to the defenses it can provide. We feel that it is important for customers to take the initiative and implement their own security initiatives and stay vigilant.
Cyber fraudsters use various methods to manipulate or trick victims into divulging personal or account information. They often phish for victims using mass emails, pop-up messages, and/or the use of social networking.
Target Victims
Criminals target victims by way of phising, spear phising or social engineering techniques.
Install Malware
The victims unknowingly install malware on their computers, often including key logging and screen shot capabilities.
Online Banking
The victims visit their online banking website and logon per the standard process.
Collect & Transmit Data
The malware collects and transmits data back to the criminals through a back door connection.
Initiate Funds Transfer(s)
The criminals leverage the victim's online banking credentials to initiate a funds transfer from the victim's account.
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