All Blog postsBusinesses 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: fraud
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Wire Transfer Fraud – Can Funds Be Recovered? Posted on: September 20, 2022 In: Data Privacy & Cybersecurity
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Fraud Liability for Government Contractors with Lax Cybersecurity Posted on: October 22, 2021 In: Data Privacy & CybersecurityThe Department of Justice announced on October 6, 2021 the creation of a new Civil Cyber-Fraud Initiative to pursue penalties against government contractors who do not properly comply with the cybersecurity standards required by their contracts. This new risk, under the False Claims Act, means that CISOs should consult with their lawyers before starting cybersecurity compliance audits.
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Accounting Firm Vulnerability During Tax Season – Now Extended to July 15 Posted on: April 16, 2020 In: COVID-19 ResponseLast month, the IRS extended the usual April 15 tax filing deadline to July 15. While this brings relief to those facing financial hardship due to the COVID-19 pandemic, it also extends the window of opportunity for cybercriminals to attack accounting firms.
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The Financial Fraud Kill Chain: Combatting Fraudulent Money Transfers Posted on: April 02, 2019 In: Data Privacy & CybersecurityBusinesses 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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