As the holiday season kicks into high gear, so does socially engineered wire fraud. This week, we all know the chaos is real. Our understaffed offices and overworked employees (being visited by in-laws) are trying to keep the spinning plates in the air. The bad guys know this and have been waiting to strike.

One of the most pressing issues in combating wire fraud is the lack of information exchange among victims. Often, the only reported cases come from government entities mandated to disclose losses due to the involvement of taxpayer dollars. In the below clip, a victim has decided to speak-up about his experience. This is a valuable resource for anyone moving money because it shows that:

1. The raw emotion involved of being a victim
2. The bad guys are very good at their craft
3. Wire fraud happens to smart and fastidious people

If you or your team have never been a victim, you must watch Gary Schildorn’s testimony before a Senate panel about a social engineering attack using AI.

Here are three key takeaways from Gary’s account:

• Use of AI by Cybercriminals: One striking revelation from Gary’s story is the sophisticated use of artificial intelligence and other technology tools by cybercriminals. This underscores the importance of staying vigilant and adopting the proper security measures to counteract evolving cyber threats.
• Frustrations with Law Enforcement: Gary’s experience also highlights the frustrating reality of law enforcement’s limitations in addressing and resolving wire fraud cases. Victims find themselves grappling with the emotional and financial aftermath with no clear path to justice.
• Emotional Toll and Violation: Beyond financial losses, wire fraud inflicts a deep emotional toll on its victims. Gary’s story echoes the sentiment of shame and violation experienced by all those we have worked with who fall prey to this crime.

At Conduit we have experienced this impact on victims all too often. If you want the proper process to stop this crime, please see our previous post.

If you want to permanently solve this problem for you and your team through technical controls, please contact us at sales@conduitsecurity.com