Market Overview

Citizens Bank Offers Its Business Banking Customers EFTGuard™ to Provide Account Takeover Fraud Loss Protection


Citizens Bank [Tri-Cities, TN/VA] announces the offering of EFTGuardTM to protect its online commercial banking customers from “corporate account takeover” fraud losses. EFTGuard provides fraud loss reimbursement up to $100,000 per commercial bank account and up to $500,000 per customer. To qualify, customers must download and activate the Trusteer Rapport anti-malware software AND enroll in EFTGuard.

Account takeover occurs when fraudsters install malware on a business's computers and use it to break into an online banking session, create new payees and send illegal wires, ACH and bill payments to accounts under their control. Criminals know that banks have strong security in place and that businesses often lack adequate security measures. As such they are increasingly targeting businesses and their computers to facilitate these crimes.

Citizens Bank maintains commercially reasonable methods of security and educates customers on the risks they face. “It is most often the business's computer that is the target of the cyber criminal's attack. Since we don't own and manage the computers of our business customers, it is impossible for us to ensure their security. Therefore, we aim to educate customers about the risks and make available affordable options to assist them in securing the systems they use to initiate online banking transactions. For our customers, the combination of Trusteer Rapport, EFTGuard, and sound security practices offers a great deal of protection at a reasonable price,” said C. Scott Greer, CFO and COO for Citizens Bank.

Unlike crime insurance policies that require underwriting and have high per incident deductibles, EFTGuard requires no underwriting, has no deductible, and only takes a few minutes to enroll. The fraud loss replacement is backed by AIG/Chartis, one of the world's largest specialty insurers, and is the only product that provides replacement of fraud losses caused by online account takeover.

“We believe the protection provided by EFTGuard is a bargain when compared to the potential direct and indirect costs associated with fraudulent losses, and we encourage all of our cash management customers to enroll today,” said Greer. For its business customers, Citizens Bank is making Trusteer Rapport available for free and has negotiated a special rate for EFTGuard of less than $20 per month. “Although consumers are protected by Regulation E, business banking customers are not. If a business's security measures get beat and fraudulent activity occurs, the business, not the bank, may be liable for the losses,” said Jerry Tylman of EFTGuard. “That is why we created EFTGuard, to provide business banking customers with a financial back stop in case disaster strikes,” said Tylman.

Due to the growth of this crime and the general lack of liability awareness among businesses, Information Week recently rated Bank Account Takeover as the #1 Cyber Risk for Small and Mid-Sized Businesses.

About Citizens Bank:

Citizens Bank is a full service bank with 12 offices serving the Tri-Cities, TN/VA area. Citizens provides businesses with a variety of cash management, deposit, and loan services, and is a Preferred Lender with the U.S. Small Business Administration. Citizens also offers personal banking products and services including checking, savings, certificates of deposit, credit cards, personal loans and mortgage loans. Citizens Investment Services, Inc., a wholly owned subsidiary of the bank and an affiliate of Raymond James Financial Services, Inc., offers a wide array of investment services to clients throughout the region.

About EFTGuard:

EFTGuard provides fraud prevention, risk education, and loss reimbursement up to $500,000 to Businesses that bank online. To learn more, please visit EFTGuard at

Jerry Tylman, 704-953-0626

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