Protecting your Business from Wire Transfer Fraud
In today’s digital age, targeted email phishing has become increasingly common in aiding wire transfer fraud. Billions of dollars are being stolen each year through this type of scam that combines sophisticated hacking with wire transfers. Hackers target emails with wiring instructions. Then, they use this information to send a modified email with updated directions for wiring money into their personal account.
Wire transfers are an attractive target of fraudulent activity due to the speed and finality of payment as well as the lack of internal business controls and employee education. Hackers know that wired money is nearly impossible to recover due to immediate availability of those funds. Now more than ever, businesses like yours need a plan of action to mitigate the risk of fraud. Review your internal controls to prevent falling victim to third-party scams. Determine where you have gaps and what you can do to improve your financial security.
Most importantly, stay vigilant. Make sure every email, text or call requesting the transfer of funds is verified. Implementing secondary call-back verification of the request is ideal. Flag attention to any suspicious requests, and understand email scams in order to protect your financial assets.
TIPS FOR KEEPING YOUR MONEY SAFE FROM WIRE FRAUD.
Personally verify every wire request
Watch for phishing red flags like free email services like Gmail, Yahoo or AOL
Sign up for account alerts
Beware of unusual activity
Don’t send wires overseas