Attention all business owners, funds, employees, and individuals involved in the ongoing frenzy surrounding Silicon Valley Bank. We want to bring to your attention the significant security risks that exist in this frenzied environment, particularly when it comes to wire fraud.
The high urgency and speed at which individuals and organizations are moving create a perfect opportunity for wire fraud bad guys to take advantage of unsuspecting victims. Hundreds of billions on the move, vendors needing to update accounts, countless capital call updates in the works, and individuals looking to move their assets to banks deemed “safe” – the risk of loss of money is enormous.
It’s essential to recognize that best practices cannot be bypassed, even in the midst of this chaos. We urge you to commit to the proper protocols, so a bad situation does not turn into a catastrophic and permanent loss of capital.
To mitigate the risk of wire fraud, procedures should be put in place to verify instructions outside of e-mail communication. Direct phone calls must be made but only to a known, verified number, and not relying on information or phone numbers included in the e-mail communication.
We urge all businesses and individuals involved in the current Silicon Valley Bank frenzy to remain vigilant, stay informed about potential risks, and take the necessary precautions to protect yourself and your assets. Taking the proper time to ensure your security protocols are up to par will save you from significant losses. Stay safe and stay vigilant.