Presidents' Day is on Monday of next week and this isn’t lost on fraudsters and wire-transfer hackers. Once a wire has mistakenly been sent to the bad guy, each minute counts - the longer the delay the greater the chance they’ve been able to transfer your funds to an account that can’t be reached by the FBI. The added holiday adds an automatic delay that works to their advantage and even the most prepared organizations can fall victim.
Our colleagues at the FBI have already been very busy this week, and have asked us to get the word out. Consider asking your finance team to take a few extra precautions to help prevent wire transfer fraud.
Here are a few tips to help keep your business safe:
- It’s About People: Add a human voice to the approval chain with your bank – even if you do a large volume of transfers, most banks are happy to confirm transfers verbally. Call your bank and ask for a “Call Back Verification” process.
- That’s Not Your CEO: While business travel amongst executives is common, email requests for wire transfers shouldn’t be. Particularly near banking holidays, pick up the phone and call to confirm a request. It’s rare that an extra day can sink a business deal.
- Bookmark IC3: The FBI is very good at repatriating money, and their global financial fraud kill chain is excellent. If a wire does go out, immediately go to www.ic3.gov and file a complaint. This starts a process that can improve your chances of seeing your money again.
We’ve supported a number of clients when things have gone wrong, and we're happy to assist you and your team when it comes to avoiding these situations or if you need help after the fact.
Please feel free to contact us if you have any questions or concerns regarding wire transfer fraud.