What Are You Doing Friday? I’m Going Golfing, Wire Fraud Bad Guys Are Working. The weather looks great here in Chicago and I have a round of golf lined up for Friday. This week is a time when people’s minds are drifting towards relaxation, social gatherings, and travel plans. The start of summer brings with…
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I know I have, and I bet you have too! There is an old saying attributed to Winston Churchill….“Never let a good crisis go to waste.” In 2023 wire fraud bad guys and cyber criminals have spun this slightly to “Never let a banking crisis go to waste.” A banking shock like we are experiencing…
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Attention all business owners, funds, employees, and individuals involved in the ongoing frenzy surrounding Silicon Valley Bank. We want to bring to your attention the significant security risks that exist in this frenzied environment, particularly when it comes to wire fraud. The high urgency and speed at which individuals and organizations are moving create a…
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When companies work on cyber security, they invest time and money to stop breaches, ransomware and malware. When it comes to wire fraud, the fastest growing crime, they do not. With wire fraud, the bad guys are looking to hack humans, not machines, so the typical response is to just have the humans “handle it.” …
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What role will artificial intelligence, like ChatGPT, play in wire fraud and other social engineering scams?
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At Conduit, we know there are some elements that make Automated Clearing House (ACH) transfers safer at the margins when compared to wires, because they are slower and “technically” reversible. However, ACH transfers often get less attention at companies, so are behaviorally more dangerous because they are believed to be safer! Criminals don’t care and…
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One of the most well-known examples of how checklists can save lives comes with Captain Sullenberger. Even after a flock of birds took out both of his plane engines, he still made time to look at his Quick Reference Handbook to follow the steps in order to land the plane as safely as possible. If…
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A recent ruling in a Minnesota District Court distinguished between social engineering and computer fraud. Most important for your business: understand your coverage and the pitfalls. In summary, the victim in this case fell for a garden variety Business Email Compromise (BEC) based wire fraud. Like many of the victims Conduit has worked with, this…
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If you have heard of or seen some of its work already, DALL-E-2 is an AI artist that creates original art in seconds from a descriptive sentence. After DALL-E-2’s “Last Selfies on Earth” made news this month, I decided to see what the AI would produce for a victim of wire fraud. My Artistic Critique…
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Not all verification phone calls are the same. Learn the importance between an outbound versus inbound call.
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