Wire Fraud
Protect Yourself and Your Finances.
“Con Artist Scams $5.2 Million from Local Business.”
“Con Artist Scams $5.2 Million from Local Business.”
Do you want this to be the local headline about your company? Probably not. Unfortunately, the threat of wire fraud continues to grow as cybercriminals become more sophisticated and companies have embraced remote working.
Wire fraud attacks are pervasive and can be costly, disrupting business operations and impacting 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 employ 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 makes you aware of transactions and more likely to catch fraudulent ones before it’s too late.
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 makes you aware of transactions and more likely to catch fraudulent ones 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.
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.
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.
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 you to act quickly.
Be Alert
Carefully review wire transfer instructions that include tight deadlines and pressure you to act quickly.
Employee Education
Educate your employees on their role in cybersecurity. Train them on how to spot fraud and on best practices for preventing it. Consider creating a cybersecurity policy that is enforced and regularly reviewed.
Employee Education
Educate your employees on their role in cybersecurity. Train them on how to spot fraud and on best practices for preventing it. Consider creating a cybersecurity policy that is enforced and regularly reviewed.
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 that 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].
