Wire Transfer Frauds
Updated: Aug 6, 2020
Before you or your employees sign off on that wire transfer request, carefully check the email addresses. There has been a surge of wire transfer frauds being perpetrated against business of all sizes and individuals. The fraudsters first gather intelligence about the company and business practices for transferring funds or paying accounts payable. This intelligence gathering may come from simple social media searches, or more often, a compromise of your computer systems.
Once hackers have access to the systems, they often review email and craft a scheme to dupe the person(s) responsible for wiring funds into sending the money their own recently established account. The emails address they use is a spoof of a legitimate email and may simply be off by a letter from a real account. Quick detection and action may result in being able to freeze or return funds. We work closely with legal counsel to advise on where the compromise occurred and help them with determining if liability may also reside with a wiring or receiving institution. Most importantly, we work to identify the source of compromise and remediate it.