Beware of Fictitious Wire Instructions Sent Via Email

While you may be familiar with “CEO fraud,” in which someone claiming to be your CEO or another high ranking officer from your company asks you to wire money immediately, there’s another kind of wire fraud going around, and it’s even sneakier.

In this case, after someone sends instructions to you for wiring money for a legitimate transaction, you may receive an email with “updated” or “corrected” instructions. Be wary!

Always verify wire instructions before sending a wire transfer, especially if you’ve received new instructions.  Call the sender with a trusted phone number, NOT the one provided in the email, or if possible, verify the instructions in person or utilizing a web-video option like Webex or Zoom. While this may take longer, it’s well worth it to keep fraudsters from getting your money.

In many of these cases, the fraudsters gain inside access to business email systems to scam you out of your cash. So how can you protect yourself and your customers?

• Use robust anti-virus and anti-malware programs, and keep them up to date.
• Use strong passwords and change them regularly.
• Beware of any unsolicited emails directing you to click on links or download files. This can leave you open to malware or viruses, compromising your systems and confidential information.

Remember, always verify wire instructions before you make a transfer. If you suspect you are the victim of wire fraud, contact your financial institution immediately.    If you receive a fraudulent wire email, report it to the FTC at ReportFraud.ftc.gov.