Wire transfer is commonly used by businesses around the world to send and receive money. Although wire transferring is an effective and inexpensive way to relocate funds, the occurrence of wire fraud is increasing. We have written an article published by the Winston-Salem Chamber of Commerce outlining the warning signs and advice on how to precaution yourself against wire transfer fraud.
“Wire transfer fraud schemes typically involve a criminal hacking into and monitoring a business’s electronic information (i.e., email, terms regarding purpose of wire, wire transfer instructions, etc.). The criminal then uses this information to divert the wire transfer to a separate bank account. By the time the intended parties to the wire transfer transaction learn of the fraud, it is often too late to recover the lost funds.”
Significantly decrease the threat of being targeted for wire transfer fraud by establishing sound company wide policies. Get everyone on the same page to help you to eliminate the threat of wire transfer fraud before it is too late.