Over $2.4 Billion was reported as stolen in 2021 (the real amount is much higher)!
The construction industry is a major target due to the volume and variety of transfers conducted on a regular basis.
“As a real estate executive, it seems I hear about a new scam, fraud, or loss every week from peers in the industry. I know my company is a target because of the nature of our business. Conduit was an inexpensive and easy solution that gave me and my CFO confidence that we can maintain our operational pace and protect our transfers.”
– President, Construction / Real Estate Firm
From stolen union dues, steel payments gone missing, subs that haven't received payment for work (even though it was paid weeks ago) - we've seen them all.
In each case, victims of this crime had:
- Sophisticated cybersecurity solutions in place
- A detailed payment process that the accounting team should follow
- Insurance that was voided due to insufficient processes or minimal coverage compared to size of loss
- Assumed that the bank protected or verified transfers