Wire fraud grew almost 400% in 2016, according to FBI statistics. An increase in digital payments and wire transfers have given fraudsters new ways to compromise your accounts. When you or your business are conducting wire transfers, consider the following topics to avoid becoming a victim of wire fraud:
How Did You Receive Payment Instructions? For typical transactions, payment instructions will be specific. For instance, the receiving party will provide all of the required information on an official form or document. Phone numbers, e-mail addresses and websites can be reproduced by fraudsters, but public search can be used to verify. Here are a few signs to look for when receiving payment instructions:
Do You Know The Recipient Of The Payment? Many fraudulent transactions are executed by a person or small group of people who try to gain access to your information by posing as a potential customer. Even if they are known to you, call and confirm the name and email address of the person on the other end. If they are unknown to you, look for these common themes used by fraudsters:
Does The Transaction Seem Normal? You have executed thousands of legitimate transactions over the course of your professional career. It is a rare occasion where one of those transactions is done differently than all of the others. Here are a few transaction types that might raise a red flag:
Execute Best Practices For IT Security – The first line of defense against fraud for any business is to execute best practices when it comes to IT security. Adhering to simple rules can drastically reduce your risk of fraud. Here are a few best practices that you should consider:
If you have any questions about wire fraud, please call your 662-247-1454 or click here for more information.