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Wire Fraud

“Con Artist Scams $5.2 million from Local Business” – Do you want this to be the local headline for your company? Probably not. Unfortunately, the threat of wire fraud continues to grow as cybercriminals become more sophisticated, and companies have implemented remote working schedules.

Wire fraud attacks are pervasive and can be costly, disrupting business operations and impacting their reputations.  Cybercriminals use various methods, including business email compromise, phishing, and vishing, to access sensitive data and steal funds. As the threat continues to grow, your business must develop strategies to mitigate risk and lessen the impact of wire fraud attacks.

Below are best practices for mitigating wire fraud risk and protecting your company, customers, and reputation.

Monitor Your Accounts Daily

One of the best habits you can establish for the security of your personal and business finances
is checking your accounts daily. This simple practice keeps you aware
of transactions and more likely to catch fraudulent transactions
before it’s too late.

Verbally Verify

Always verify the authenticity of
each wire transfer request by
implementing a two-step verification
process. Call the person,
using a number you have
previously called
— not one from the current wire
transfer request.

Establish Dual Controls

Implement separation of duties
between employees
who initiate wires
and those who approve
the release of funds.

 

 

Forward Instead of Reply

Rather than reply to the email address requesting the wire transfer, forward the email or create a new one with an email address you have on file.  Cybercriminals can manipulate email addresses to appear legitimate, even though they are not.

Be Alert

Carefully review wire transfer
instructions that include
tight deadlines and
pressure for you
to act quickly.

 

Employee Education

Educate your employees on their
role in cybersecurity.  Train them on how to spot fraud and best practices for preventing fraud. Consider
creating a cybersecurity policy that is enforced and reviewed
regularly.

We’re all in this together when it comes to preventing wire fraud. The only way we can win this battle is by implementing various layers of internal controls throughout the funds transfer process.  If you believe you or your business is a victim of wire fraud, contact us immediately to halt additional fraudulent transactions. Also consider reporting the incident to law enforcement, which helps your business and others avoid similar fraud attempts.

River City Bank Customer Service – (916) 567-2899 or (800) 564-7144 or by email at [email protected].

Related Blogs and Articles

Protect Yourself From Wire Fraud

Cybersecurity Tips

Online Shopping – Cybersecurity Tips for the Holidays

Security News – How to Avoid a Vishing Scam

Staying Safe from Tax Season

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  • About
    • Vision & Values
    • Leadership
    • Board Of Directors
    • News
      • Blog
      • Press Releases
    • Community Involvement
    • Testimonials
  • Business
    • Industries
      • Agribusiness
      • Construction
      • Healthcare
      • Manufacturing & Distribution
      • Nonprofit
      • Professional Services
      • Property Management
      • Representative Payee
    • Deposit Services
    • Cash Management
    • Commercial Lending
    • Commercial Online Banking
    • Commercial Real Estate
    • Clean Energy
    • Lockbox Services
    • Business Credit Card
    • Business Debit Mastercard
  • Personal
    • Premier Banking
    • Checking and Savings
    • Online & Mobile Banking
    • Loans
    • Home Mortgage
    • Debit Mastercard
  • Resources
    • FAQs + Customer Notices
    • Safety & Security
    • Annual Reports
    • Paycheck Protection Program Resources
    • Coronavirus (COVID-19) Impact + Readiness
  • Careers
  • Contact
  • Login
    • Personal Online Banking
    • Commercial Online Banking
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