If your business conducts wire transfers, this is a must read.
The FBI reported that business email compromise (BEC) is more sophisticated than similar scams and has resulted in attempted and actual losses of more than a billion dollars globally.
Wire transfers continue to be an attractive target of fraudulent activity due to the speed and finality of payment, as well as the lack of internal controls and employee education. Fraudsters know that money wired is nearly impossible to recover because of immediate settlement and availability of those funds. Wire transfer fraud is an epidemic that is reaching historic levels throughout the world.
Fraud doesn’t need to happen to your company. You must be proactive about cybersecurity and give us a call to talk through the steps you should take to protect your company.
Best Practices To PREVENT Wire Transfer Fraud:
- Always verify the authenticity of each wire transfer request. Call the person, using a number you have previously called — not one from the current wire transfer request — to verbally verify it.
- Implement a call-back verification process when setting up payment instructions for a new vendor or making changes to payment instructions for an existing vendor.
- Implement dual control and segregation of duties.
- Education is key! Understanding email scams and educating your employees is critical to protect your financial assets.
- Test your fraud health.
- Implement a cybersecurity policy and review it often.
- Review your business insurance policy. Does it cover financial losses due to cybersecurity fraud?
Book a call today and feel confident that your business is protected from the risks of wire fraud.