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Flash Briefing: Labor Day Hackers Abound

Posted on in Product and Service Solutions

Words from our friends at ProCircular:

Next Monday is Labor Day and this isn’t lost on fraudsters and wire-transfer hackers. Once a wire has mistakenly been sent to the bad guy, each minute counts - the longer the delay the greater the chance they’ve been able to transfer your funds to an account that can’t be reached by the FBI. The added holiday adds an automatic delay that works to their advantage and even the most prepared organizations can fall victim.

Our colleagues at the FBI have already been busy this week and have asked us to get the word out. Consider asking your finance team to take extra precautions to help prevent fraud.

A few tips:

  • It’s About People: Add a human voice to the approval chain with your bank – even if you do a large volume of transfers, most banks are happy to confirm transfers verbally. Call your bank and ask for a “Call Back Verification” process.
  • That’s Not Your CEO: While business travel among executives is common, email requests for wire transfers shouldn’t be. Particularly near banking holidays, pick up the phone and call to confirm a request. It’s rare that an extra day can sink a business deal.
  • Bookmark IC3: The FBI is very good at repatriating money, and their global financial fraud kill chain is excellent. If a wire does go out, immediately go to www.ic3.gov and file a complaint. This starts a process that can improve your chances of seeing your money again.

If it happens, phone a friend at ProCircular.

We’ve supported a number of clients when things have gone wrong, and we're happy to assist you. If you've clicked that link and felt that sinking feeling, don't hesitate to reach out to us

- Aaron R. Warner, CEO

 Contact ProCircular Today!

 

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