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Businesses are tempting targets for cyber criminals, and we're committed to providing the resources you need to understand and recognize fraud, as well as the tools to help prevent it.
We will never ask you to send your personal information or login credentials to us via email. Unsure if an email or pop-up window that you see is a legitimate Umpqua communication? Call us right away at (866) 486-7782.
But there are times, as part of our fraud-prevention services, that we will contact you directly when you use certain payment services.
ACH: You will get an email from us when you request initiation of an ACH file or batch from an account asking you to confirm the legitimacy of the ACH request.
Wires: We may call you on the phone to confirm the legitimacy of your wire transaction.
Corporate payments fraud is as high as it ever has been. According to the 2011 Association for Financial Professionals Payments Fraud and Control Survey, 71 percent of organizations polled experienced attempted or actual payments fraud in 2010.
Cyber-criminals use a variety of methods to obtain access to your valid online banking credentials, including mimicking websites, using malware and viruses or using social engineering to defraud employees into revealing sensitive data. Once the account is compromised, these fraudsters are able to electronically steal funds from your business accounts.
Unfortunately, businesses are not subject to the same legal and regulatory protections as individuals who experience losses as a result of fraud. For that reason, it is especially important that businesses are aware and diligent in protecting themselves from online fraud.
Because individuals have extra rights under what's called Regulation E. It was created to meet the requirements of the Electronic Fund Transfer Act, which establishes the basic rights, liabilities and responsibilities of consumers who use electronic fund-transfer services and of financial institutions like us that offer these services, such as point-of-sale transfers; ATM transfers; direct deposits or withdrawals of funds; transfers initiated by telephone; and debit card transactions.
But businesses are not covered by this regulation, which is why we recommend that you evaluate the risk of fraud, including corporate account takeover, and develop and implement a security plan to prevent and mitigate online risk.
Fraud Advisory for Businesses: Corporate Account Take Over, a joint report issued by the FBI and other public agencies.