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NARRATOR: Cybercrime is one of the greatest challenges facing companies today. Businesses of all sizes across all industries are at risk. If you make payments by check, wire, or ACH transfer, you're a target. The global cost of cybercrime is expected to increase by 15% increase per year over the next five years.

Improving internet security and internal controls is critical. Here are the top cyber threats you may encounter. Business email compromise, gaining unauthorized access to a trusted vendor or employee email account to assume their identity and make fraudulent payment requests or changes in banking information.

Phishing and smishing-- deceptive email, telephone or text messages that appear to be from valid sources to trick you into providing personal information. Malware-- malicious software introduced by clicking on an infected link, attachment, or image in an email or website, allowing the fraudster to access private data or take control of your computer. Social engineering-- using social networking sites to manipulate you into sharing personal information and contacts.

Cyber criminals are always plotting ways to steal money and data, but they can't succeed without you. Reduce your risk of a cyber attack with these tips. Keep your systems updated with appropriate security patches. Avoid using only email to authorize or process vendor payments or changes. Call the vendor at a known number to confirm payments or require a second approval.

Never use phone or account numbers provided in the email to confirm payment changes. Never open an email attachment or link from an unknown sender. Refrain from including private information on your social media accounts. Educate your associates on fraud threats and your internal processes for handling.

Don't be vulnerable. Avoid cyber attacks. You'll be glad you did. For more fraud prevention tips, visit www.regions.com/stopfraud.