Money Mules: How Criminals Move Money Overseas

June 21, 2022

Brief History Most people are familiar with the “Nigerian Prince” scams of the 1990’s.  What many don’t realize is that these “419” scams are the precursors to today’s business email compromise (wire fraud) scams.  While the geography of wire fraud has greatly expanded over the last few years, many wire fraud criminals are still located…

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the great train robbery

Evolution of Bank Heists 

June 15, 2022

Traditional bank robberies are rapidly declining, given the low success rate for criminals. Cyber-crime, especially business email compromise (BEC) to conduct wire fraud, is the easier method for criminals to steal

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Trends: Ransomware vs. BEC

June 7, 2022

Ransomware is in the news, but you will start hearing more about wire fraud, initiated through Business Email Compromise (BEC). On a risk/reward basis, we believe that wire fraud is most likely to be the focus for cyber criminals in the near term. Driven mainly by business email compromise (BEC), wire fraud leads to immense…

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pictures of money

$130 Million Lost in Wire Fraud

May 6, 2022

One of our favorite financial authors, Matt Levine, wrote an article about a large wire fraud.  The story he tells highlights the need for workflow automation, accountability, and transparency to supplement existing wire processes.

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What is the FBI Telling us about Wire Fraud?

April 7, 2022

Business Email Compromise (BEC) accounts for over 1/3 of all reported cyber losses in 2021, exceeding every other cyber crime loss.

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panic button

Plausible Deniability And Who Absorbs A Wire Fraud Loss?

January 25, 2022

The question companies, leaders, and teams should be asking themselves is, “If you were solely responsible for wiring funds, and they go missing, what would you do differently? What tools and resources would you be demanding?”

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Seinfeld, the Beach, and Stopping Wire Fraud

January 13, 2022

Using “Sneaker” security for protecting against wire fraud is a risky strategy. Ensure you have a transparent process and hold teammates accountable.

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Wire Fraud New Year’s Resolutions

January 4, 2022

Do you have a written policy and have you educated your team on the mechanics of the wire fraud? If not, the beginning of a new year is a great opportunity to resolve to address this threat to your business.

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4 Reasons Wire Fraud Criminals are Thankful

November 17, 2021

Criminals have a lot to be thankful for this holiday season. Don’t let your business fall victim!

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Ransomware Vs Wire Fraud

October 26, 2021

Although ransomware and wire fraud tend to be equal in occurrence, that is where many of the similarities end, especially for the victims.

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