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 it a sense of excitement and anticipation, and it also presents the perfect opportunity for wire fraud bad guys to strike. With offices understaffed and employees preoccupied, our guards are down, making us vulnerable to attack.

The Friday Trap: Wire fraud bad guys are aware of the favorable circumstances that unfold on a Friday before a long weekend. They have been in your emails or our counter-party’s emails – potentially for months – waiting for this moment to steal an upcoming payment or change the destination account of an otherwise legitimate payment, taking advantage of our lowered awareness and increased distractions.

Safety Tips to Protect Yourself from Wire Fraud:

1. Beware of New, Urgent, and One-Off Requests: When you receive sudden requests that seem urgent and don’t align with regular processes, exercise caution. Wire fraudsters often create a sense of urgency to pressure victims into making hasty decisions.
2. Always Verify Instructions for New Transactions: Whether it’s a new vendor, a longtime client changing accounts, or an unfamiliar transaction, it’s crucial to verify the instructions. Reach out to known contacts using trusted contact information to validate the details independently. Double-check any new banking instructions or payment requirements to ensure accuracy.
3. Call a Known Good Number for Verification: Don’t rely on the phone number provided in an email or invoice, as it may be manipulated by fraudsters. Use established contact information from previous interactions, a CRM or the official company website and get transferred into the proper contact.
4. Consult Your Teammates for Questions or Concerns: You’re not alone. Your colleagues and teammates are essential allies in maintaining security. If something seems suspicious or if you have any doubts, consult your coworkers and leadership. Ask for help and use another set of eyes.

Conduit’s solution solves wire fraud in an hour. Our approach is holistic and provides the best practices and manuals, ongoing security training and education for finance teammates, and a SaaS workflow automation tool that ensures the process is scalable, repeatable, and auditable.

If you want to protect yourself and your firm once and for all, reach out.