Iowa’s banking industry continues to see fraud associated with corporate account takeover

 
JOHNSTON, Iowa (Oct. 13, 2025) — Iowa banks continue to see sophisticated fraud impacting business customers. Currently, business customers are receiving communications that appear to be coming from the bank directly – the attack includes a phone call impersonation, followed by a text message, which looks legitimate, and includes a malicious link that takes the recipient to a spoofed login page that mirrors the bank’s website and is used to capture customers’ online banking login credentials. The fraudster then uses that information to log in to the legitimate bank website and asks the customer to share the multi-factor authentication (MFA) code, giving them full access to the customer’s online banking profile, including any money movement capabilities. Banks encourage customers to follow these tips when receiving communications from their bank:
  • Never give out your account information or online banking login credentials, and do not share your MFA code with anyone. Your banker will never ask for an MFA code over the phone.
  • Don’t be fooled by a spoofed website that resembles that of your bank.
  • Do not click on links in communications you receive. Visit your bank’s website by typing in the URL.
  • If you receive a call from your bank asking to confirm a transaction, hang up and call your bank directly.
October is particularly timely to brush up on fraud awareness, as it is Cybersecurity Awareness Month. Look to our blog, our Facebook page and our LinkedIn newsletter for additional tips from Iowa State Bank. Financial fraud is becoming more sophisticated with advancements in technology. Trust your local banker and always verify with them directly before sharing any of your financial information.

This message is provided by Iowa State Bank in partnership with the Iowa Bankers Association. The Iowa Bankers Association represents Iowa banks and savings institutions. Iowa bankers are committed to the values of honesty, hard work and community service, and have been a trusted resource for Iowans for more than 135 years. Iowa banks offer FDIC insurance and lend over $89 billion to help individuals, business owners and agriculture. Nearly 40,000 Iowans work at an Iowa bank, and bank employees volunteer more than 300,000 hours to support local communities each year. To learn more, visit www.iowabankers.com.