Wire fraud is a prevalent and difficult problem because hackers’ techniques are becoming increasingly sophisticated. Once hackers convince someone to wire them money, it can be really difficult, if not impossible, to get that money back. Some of our clients have dealt with these issues, losing money in the process, and we don’t want that to happen to you.

Wire fraud normally starts with corporate account takeover (CATO) and/or business email compromise (BEC) long before any money is wired.

CATO and BEC Resources

If you aren’t familiar with CATO and BEC, take a look at this article and resource list from the American Bankers Association (ABA). Business email compromise (BEC) can be especially difficult to detect, so make sure you understand it by checking out this quick 1-page document from the American Bankers Association (ABA). For a deep dive into BEC, read through this detailed advisory bulletin from the Financial Crimes Enforcement Network.

If you’re more of a visual person, you will appreciate this infographic from the FBI about how business email compromise (BEC) happens. The article below it also contains some tips for prevention and how to react if you end up in a BEC situation.

If you’re looking for one comprehensive resource about business email compromise (BEC), this PSA from the FBI is it. It talks about different types of BEC, discusses statistics about how many businesses have been affected, and provides tips for preventing and reacting to BEC situations.

Small Businesses

You may think your business is too small for a hacker to bother with, but don’t let your business size lull you into complacency. Be prepared by reading this American Bankers Association article that explains what small businesses need to know to help prevent corporate account takeover and business email compromise and how your bank can help.

Take Action

Ready to take a stand against the hackers that might go after your business? Here’s one final resource to help you out. This article from the Conference of State Bank Supervisors links to a very detailed best practices resource. The resource is written to banks, but there is information throughout your business can adapt or get inspiration and direction from, particularly on pages 17 and 18.

Opportunities for Continued Learning

Stay tuned for more information about our annual fraud seminars! These seminars will be held in Warsaw, Fort Wayne, Mishawaka and Indianapolis this year and cover different kinds of fraud your business should look out for.