Must Read Monday Safeguarding Against Wire Fraud
Wire fraud generally involves an attempt to defraud your firm, your client and could damage your reputation.
Before moving forward with disbursement of any funds entrusted to you, consider the following:
• Receiving an urgent email to disburse funds.
• Communication that does not match original wire instructions.
• Slight variations on an email address of the sender.
• Communication request via email only (without verbal instructions).
• Messages from the sender using incorrect spelling or odd phrases.
• Incoming phone call requests from an unfamiliar contact number.
• Request for an urgent wire transfer after receiving an unexpected check.
• Ensure well-defined protocols are in place for all wire transfers.
• Initiate verbal authorization no matter the urgency of the request.
• Institute electronic security and authentication controls.
• Educate employees on the risks associated with phishing schemes.
• Refer back to your clients’ primary contact information.
• Regularly update spam filters and firewalls.
• Before initiating any wire transfer, always call your client.
Remember wire receipts should be verified either through calling the bank directly or securely logging into the banking portal, rather than solely relying upon an email confirmation of receipt of the wire from your bank.
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