FBI warns of heightened cybercrime risks

As more enterprises, financial institutions, government agencies and consumers take to the the digital sphere to conduct transactions and exchange information, the need for data security has never been higher. Fraudulent forces prey on small businesses in high numbers, as the availability of personal and banking information can lead to stolen funds and identities. The Hill recently reported that the Federal Bureau of Investigation has issued a new warning to banks and credit unions, stating that cybercriminals have been more successful in conducting wire fraud in recent months. According to the news provider, hacking can lead to unauthorized transfers of up to one million dollars prior to detection. Further, once the funds are stolen, it is very difficult to recover them, as the money is often transferred to offshore accounts. Small to medium sized banks and credit unions have been the most common victims of these attacks, illustrating the need for more stringent and consistent protections in place to deter the stolen information and funds. Businesses likewise have the responsibility of protecting their own banking information, as well as that of their clientele. By regularly monitoring accounts, using best practices when conducting transactions and having adequate data security software in place, enterprises can avoid serious losses at the hands of cybercriminals.