Skip to main content

Search

Welcome to ACORD Help Center

KnowBe4 Security Tips - Wire Transfer Fraud

Leonardo Mendoza
  • Updated

Hello All,

 

We wanted to share some crucial security tips from KnowBe4 regarding wire transfer fraud. This type of fraud is increasingly common and can have serious consequences for our organization.

 

Please take this information seriously and remain vigilant. Remember, our CEO and Finance department will never ask for wire transfers via email. If you have any doubts, always verify through a secondary method.

 

Key Points to Remember:

  1. Verify Requests: Always verify wire transfer requests through a secondary method, such as a phone call, especially if the request is unexpected or comes from a new contact.
  2. Be Cautious of Urgency: Fraudsters often create a sense of urgency to rush decisions. Take your time to verify the legitimacy of the request.
  3. Check Email Addresses: Pay close attention to the sender's email address. Look for slight variations that may indicate a fraudulent email.
  4. Be Vigilant: Be particularly cautious if you receive wire transfer requests from the CEO or Finance department. They will never ask for such requests via email.
  5. Report Suspicious Activity: If you receive a suspicious wire transfer request, report it immediately to our IT department.

Wire Transfer Fraud

What would you do if you received an email from your CEO or CFO asking you to make an immediate or urgent wire transfer of funds? If you are the person in your organization who is responsible for such tasks and receive requests like this regularly, you may not think twice. However, with the increased sophistication of hackers and cybercriminals, you must Stop, Look, and Think before deciding how to proceed.

Business Email Compromise is an advanced form of spear-phishing which targets employees of businesses that routinely perform wire transfer payments or work with foreign companies or suppliers. This form of cybercrime is steadily on the rise, and companies are losing thousands, even millions of dollars instantly because of a spoofed or compromised email address.

How it Happens:

The scammers target the email accounts of business executives or high-level employees. Either they will gain actual access to those individuals’ email accounts through a targeted phishing attack and wait for the perfect time to take over such as when those employees go on vacation or leave for a business trip, or they will simply spoof the email address and change where the email is sent when it is replied to. This is called header manipulation. Then, they will email an employee within an organization who may be responsible for making wire transfers or handling funds, asking them to process a transaction.

Here are some things to look at when you receive any requests to transfer or wire funds:

  • Look closely to verify the email address when you receive a wire transfer or monetary transaction request. Check for any spelling errors or missing letters.
  • Call the person who is requesting the transfer directly to verify that the request is legitimate, or follow your corporate verification procedures carefully.
  • If you think a request is suspicious in any way, trust your instincts and inform management or IT immediately.
  • Look at the real email address before replying to the message.

To prevent YOUR email from being the one that is compromised:

  • Never provide your security or account credentials to anyone.
  • Do not click on any links or open attachments in emails you receive, unless you are absolutely positive they are safe and from a legitimate sender.

It is best to have a wire transfer process in place that requires more than just an email request. Either a phone call, face-to-face, or multi-person process is best.

Comments

0 comments

Please sign in to leave a comment.

Powered by Zendesk