Finance Teams Who Stop Wire Fraud Should Get a Medal (or a trophy)!
When companies work on cyber security, they invest time and money to stop breaches, ransomware and malware. When it comes to wire fraud, the fastest growing crime, they do not. With wire fraud, the bad guys are looking to hack humans, not machines, so the typical response is to just have the humans “handle it.”
It’s brutal out there, and finance and treasury teams are on the front lines of this battle. In our experience, the back office often suffers in complete silence, even when they have a win. The spotlight only shines on them when there is a loss, and it’s not fun….
We have spoken to folks who stopped a near loss, and they only share the details with their spouse over a glass of red wine! The stigma around the crime is so great no one talks about it and this lack of sharing in a company, let alone across companies and industries, adds massively to the problem.
Conduit works hard to flip this culture and shine a light on the crime and the heroes that are literally saving millions! When teammates are attacked, leadership should know. When attacks are thwarted, those wins should be celebrated as much as closing a big new client or launching a new product.
Conduit Clients are different. They have their employees back in this cyber war against virtual bank robbers. They provide the air cover (playbook, training and tools) to properly address this threat. When their teammates win, it’s celebrated.
After any attack, the standard should be broad based recognition, celebration of the win, and an all-hands meeting reviewing the crime, what they could have, and what the bad guys could have, done better.
Conduit also provides those heroes with our equivalent of an Olympic Medal. Although it looks like an investment banker’s “deal trophy” it’s actually way cooler. After all, not everyone has stopped a bank robber during their career, and credit should be given to those who have.