Businesses are constantly targeted by criminals attempting to gain access to information that will allow them to fraudulently divert wire transfers. This fraud often occurs after the criminal has compromised the email account of someone in the company who can approve such transfers, taking over communications with customers and vendors. This exploit has become a multibillion-dollar criminal business model. But can those funds be recovered? And how can you protect yourself from such attacks?
Read more »Tag: wire transfers
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Wire Transfer Fraud – Can Funds Be Recovered? Posted on: September 20, 2022 In: Data Privacy & Cybersecurity
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The Financial Fraud Kill Chain: Combatting Fraudulent Money Transfers Posted on: April 02, 2019 In: Data Privacy & Cybersecurity
Businesses are constantly targeted by criminals attempting to gain access to information that will allow them to fraudulently divert wire transfers. This often occurs after the criminal has conducted sufficient reconnaissance to determine who likely has an occupational role to approve or initiate wire transfers. The employee will then be targeted – often a financial executive like a Chief Financial Officer – and their email account will be compromised. But this can be prevented.
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