A NYC based credit hedge fund had been targeted for socially engineered wire fraud due to a business email compromise at one of their counterparties. The hedge fund was able to identify the fraud and prevent the crime.

In response to the attack, the hedge fund proactively worked with Conduit to implement its workflow automation tool, thereby increasing governance and transparency of the best-in-class process that already existed at the fund.

Conduit’s implementation protected the fund by:

• Ensuring verification calls were made to known good numbers
• Creating custom approval trees that increased collaboration, accountability, and alignment across the team
• Moved the process out of excel and email, into Conduit’s SaaS (Software as a Service) tool, dramatically increasing visibility into their processes
• Simplified delivery of instructions to the 3rd party administrator

Their ongoing use of Conduit’s “Set-up Wizard for Wires” allows the team to focus on new or risky transactions all while allowing the team to move more quickly with safe or repeat transactions.

Testimonial

“I went with Conduit because I know our industry is a target for cyber criminals. I am always looking for ways to get better, and Conduit provided that opportunity. What I like best is the software allows me to “trust but verify” our processes that are in place are being followed every time. By using the software, we have also reduced the number of emails and gained export efficiencies with some of our service providers. I am glad they are providing tools to make the back office's life safer and easier.”

– Fund’s Managing Director