Many businesses use wire transfers as one of the most popular means of money transfer since it is quicker and easier to shift money from one bank account to another, anywhere in the globe, in a matter of hours.

Any fraudulent behavior that includes phone lines or electronic communication is referred to as wire fraud. The majority of online account theft and withdrawals from accounts by people not allowed to do so are considered wire fraud. Many of the fraud instances we see nowadays include email scams, in which thieves attempt to access a bank account using fictitious information and identities. It is possible for money to be transferred fraudulently if a payment request is not validated.

The two main types of wire fraud are account takeover and unintentional participation by account holders. Account takeover is when a con artist uses stolen personal or corporate data to access the account holder’s money. When a con artist assumes the identity of an official from the government, a relative, a coworker, or another reliable source in order to con the account holder into sending money voluntarily, this is known as unwitting involvement.

Malware is a type of malicious software designed to infiltrate and damage computer system without the user’s consent. When a user opens an email or clicks on a link that goes to a URL where the malware is downloaded and infects the computer operating system, malware can acquire access to the computer. Malware can potentially be transmitted by hackers via USB flash drives and other detachable devices. In order to access payment and data systems, hackers must first get user credentials.

Phishing is the most common type of cyberattack. When hackers send false emails that are intended to look like they are from well-known and reliable sources, such as bank employees or company executives, this is known as phishing. These emails steal private information, including login credentials, credit card information, and more. Please keep in mind that we will never spam you asking for your login information or personal information.

SMS Phishing (Smishing) and Voice Phishing use automated calls or text messages to imitate banks and deceive users into providing personal information by threatening the active status of their accounts. Then, access to payment systems or account takeover are made possible thanks to their personal information. Your personal information or login credentials will never be requested by text message by SBIC.

Email Account Compromise occurs when cybercriminals use stolen credentials, phishing, or look-alike domains to access an email account. Cybercriminals may pose as a well-known vendor or employee to persuade another employee to transfer money to a fake account.

Cyber criminals can target victims by impersonating a fellow employee or known executive at the victim’s company.

1. Fake email address Look for return addresses that are unfamiliar to you, have inconsistent or erroneous spelling, or don’t correspond to the sender’s name. In this instance, the domain name’s spelling of “dough” does not match the sender’s last name, which is spelled “Doe.”
   
   
2. Familiar greeting
   
   
3. Watch out for emails where the sender indicates they are away or abroad.
   
   
4. Requests to resend urgent messages are very suspicious
   
   
5. Requests to change payment instructions, including the listed receiving  account, must adhere to your business’ internal policies. This includes confirming requests over the phone with a saved phone number and a known contact.
   
   
6. If the sender says they can only take emails and cannot be reached by phone, this should raise a red signal.

Cybercriminals can impersonate a customer or well-known provider to attack company employees.

1. In this case, the return address appears to be from a known vendor, but the first name in the return address is spelled incorrectly.
   
   
2. Urgency in the request
   
   
3. Always look out for a sender looking to modify payment details or information via email.
   
   
4. Sender does not have the authority to amend a contract or impose additional fees via written or verbal communication.
   
   
5. Always defer to contact information listed on file as opposed to sent via email.
   
   
6. Fake email signature