Wire Transfer Fraud: How It May Hurt Your Business

wire transfer fraud

Take a moment to think hard about the people within your business. How many of them have access to approve the sending of large sums of money? Those numbers may not mean anything to you now, however, how many of those people know what Social Engineering is?

Social Engineering Fraud, or Wire Transfer Fraud

Is when a hacker uses human interaction to obtain information about an organization or its computer systems. Usually, the culprit is inconspicuous, they blend in with their surroundings, and are generally pleasant.

They may portray to be a client or employee to acquire enough trust as to not raise suspicion for their being in plain sight.

Other Social Engineering (Wire Transfer) Fraud comes most frequently as an e-mail from a familiar source asking for a wire transfer for a current deal. It’s happening daily, the e-mail is opened, and everything seems accurate, the wire is completed and just like that the account disappears and the funds are gone in the wind.

 DID YOU KNOW?

  • 48% of IT and security professionals say their organizations have been a victim of social engineering.
  • Social engineering fraud cost victims an average of $25K – 100K per security incident.
  • Interpol, the international policy agency has identified social engineering fraud as one of the world’s emerging fraud trends.

wire transfer fraud

Knowing what to look for is half the battle.

We can help you identify your blind spots, just like we helped T.R. Title Corp

“In the last year, we have had 3 attempts of wire transfer fraud. We were exposed but I fear no more, thanks to CWI we have acquired the Cyber Liability/Social Engineering protection that shields us from liability and property losses when a business engages in various electronic activities, the best part is this coverage is extended to monetary wires which are often used in our line of work.  I now have peace of mind that we have the proper insurance that has revolutionized our industry.  I encourage everyone to take some time to speak to Luis, the secret of getting ahead is getting started.” – Jocelyne Castillo, T.R. Title Corp

Call, text or email us today to protect your transfers!

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