Business Email Compromise Leads to Wire Fraud
In brief, it’s the largest internet crime around. The FBI’s data tells us that BEC (business email compromise) is the leading loss center and BEC directly leads to wire fraud risks. Per the report, the losses are in the billions, yet we know those numbers are under-reported as many victims chose to never report the crime and absorb losses to protect their reputation.
As the FBI released in its most recent IC3 Report, BEC accounts for over a third of all cyber losses – significantly more than ransomware and other types of intrusions. Protecting your business from this crime requires a set of tools that are both technical and procedural. Technical solutions you should deploy include advanced email filtering, sandboxing, automated user policy and account reviews, and user awareness training.
In terms of process, you need to follow the best practices in a repeatable, scalable, and auditable way. Conduit’s software solution provides the procedural elements for the accounting team and transparency to the executives to ensure organizations follow safe wiring practices. Since “cyber” has become much more than just an IT problem, the solution needs to be holistic to address BEC across an entire organization.
Conduit believes the solution is 90% process and 10% IT. IT provides a safety net, but it is a firm’s process that protects capital and reputation. No amount of internal IT spend can ever stop one of your counterparties from being compromised!
Conduit’s robotic process automation (RPA) allows you to use software robots to automate business processes around wiring. When leveraged effectively, it protects you from loss and saves your company time and money, while increasing your workforce’s productivity.