How It Works

Understanding Your Risk

Businesses who bank online are not protected by Regulation E. Regulation E obligates banks to reimburse retail banking customers for online losses but not business banking customers. If a business uses online wires, ACH or bill pay, and due to an unauthorized access suffers an account takeover to online hackers, the business customer is liable for online fraud losses.

Cybercriminals target victims using social engineering in an attempt to lure and trick business employees into installing malware. Once the malware is downloaded onto the employee’s computer, it will run unnoticed until it can capture the employee’s business online banking credentials. The cybercriminal will then log into the business’s online banking account to create and transmit unauthorized Electronic Fund Transfers (EFTs), normally ACH or wire, to an account they control. More than 85% of small to medium sized businesses are conducting online banking accord¬ing to a Business Banking Study by the Ponemon Institute.

Product Components

EFTGuard protects business online bank accounts on a comprehensive level by helping them build three branches of defense to business account takeover: Mitigate, Identify and Respond.

  1. Education Program - Businesses will be provided an online risk assesment.
  2. EFT Protector - Security Software (Optional)
  3. Fraud Loss Protection - Businesses will be protected up to $100,000 annual aggregate limit of fraud loss protection per business.

Please refer to the actual policy for program terms, conditions and exclusions.