McNees Minute: Wire Transfer Fraud

Sponsored Content: McNees Minute

Christian Wolgemuth, Esq. – 717-237-5371

An increasingly common scam is business email compromise and wire transfer fraud.  In this type of crime, hackers compromise or impersonate business email accounts and try to trick an employee into transferring funds electronically.  An email may look like it was sent by the business owner, a supervisor, or a customer with whom you’ve done business, and will contain new instructions on how to process a payment for a transaction.  However, those payment instructions will actually direct the funds to the hacker’s bank account, and not to the legitimate destination you thought you were sending them to.  To avoid being the victim of this type of crime, train your employees to be alert for such attempts, and implement policies requiring scrutiny and verification of emails requesting transfers of funds.  Call the sender on the phone directly or speak with them in person before sending any funds or processing a payment, and make sure the payment instructions are correct.

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