The banking laws/regulations have changed and are continuing to change. Federal banking regulations provide broad protections to consumers (personal bank accounts are liable for only $50 from online fraud). But consumers who are unaware of their rights might end up unnecessarily footing the bill.
Banks are no longer required to carry insurance on business/corporate bank accounts, and they have not been informing their business customers of the change. This means if your business does any type of online banking, bill payment, online statements (which we all are being pushed to); you will most likely need to sue the bank if your bank accounts are hacked into and your business’s funds are stolen. Many major insurance underwriters/agents/brokers have specific policies to insure business accounts against online data breaches and fraud. You may want to check with your insurance agent and see what levels of coverage (if any) your BOP or General Liability Insurance will cover. You need to make sure that it will cover Electronic Fraud/Forgery, and not just Written Fraud/Forgery (some insurers use this wording as a loop hole to not pay claims).
There is a slight chance that your bank has retained their insurance coverage on business bank accounts, and will cover your business accounts against electronic fraud and forgeries, but I am unaware of any bank that still has the coverage in place. Over 90% of small businesses are forced into bankruptsy after all funds from their “online” bank account have been erased.
Every organized crime and terrorist group has a cyber crime division dedicated to take your money. They usually obtain your login data from spyware infections from computer systems. These “Bankers Trojans” hide in you computer, waiting for you to start banking. They also download your browser cache for later analysis. We have found that a combination of avast! Pro antivirus, and Malwarebytes Pro antispyware, is the most effective approach at stopping this type of activity. However, nothing is perfect. My company does NOT do online banking for this very reason. We are forced to call the bank for transfers. We are forced to write the checks and mail them. And, we will never lose any money because of this! J.R. Guthrie