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Steps to fight Wire Fraud

Mar 15, 2023 | Business Technology, Cloud Security, Cyber Security, Network Security

Wire fraud has become an increasingly common problem in today’s world and it can have devastating consequences for both individuals and businesses alike. To help protect against the financial losses associated with wire fraud, there are several steps that you can take to safeguard your accounts and money from criminals. Here are four recommended practices when it comes to fighting wire fraud:

Create Policies About Changing Bank Information

One of the most effective ways to prevent criminals from taking advantage of wire fraud is to create policies that govern when bank information can be changed. Make sure that you establish clear rules about who can make changes, how those changes need to be verified, what process needs to be followed, and keep records of all changes made. This will not only help ensure that only authorized personnel can make any necessary adjustments but also make it easier to trace back who made a change in case something goes wrong.

Strengthen Your Passwords

Whenever possible, use stronger passwords that contain at least 8 characters and incorporate a mix of upper and lowercase letters, numbers and symbols. Whenever someone wants to log in or make a change on an account, they should need not only their username but also a strong password for added security protection. This makes it much harder for criminals to gain access to accounts or change bank information without authorization.

Use Multi-Factor Authentication

Multi-factor authentication (also known as 2FA) is an extra layer of security that helps protect against unauthorized access attempts. Each time someone wants to log in or make a change on an account, they not only need their username and password but some other form of verification such as a code sent by text or email. In order for access attempts or transactions is granted, both the username/password combination plus the second factor must be provided – meaning even if somebody has stolen your credentials, without having possession of your phone/email correspondence they still won’t be able gain access.

Monitor Your Accounts Regularly

By regularly monitoring your accounts online and through mobile banking apps, you can quickly catch any suspicious activity or changes that may have been made without your knowledge. Set up alerts so that you get notified whenever anyone tries to log in from an unfamiliar location or if there has been any activity associated with your account outside of what is normal for you so you can respond quickly if anything looks amiss. This gives you one more line of defense against wire fraudsters who may try and scam you out of money through fraudulent transactions even after they have managed to gain access with stolen credentials.

Contact Your Bank Immediately

If any activity on your bank accounts looks suspicious or if someone else has gained access without authorization contact your bank immediately so they can take appropriate action and help protect your assets from further damage should something look off about recent activity on one’s account(s). The sooner you’re able alert them about potential issues like this – especially large transfers – the quicker they will be able contain any damage incurred by criminals exploiting this type of fraud schemeand limit the amount of money lost due these activities in totality across all affected accounts within an organization (or external sources).

Add Extra Spam Protection

Spam protection is an important measure to take when it comes to fighting wire fraud. Because so many wire fraud attempts come disguised as legitimate emails, having a good spam filter in place can help identify these fraudulent emails and prevent them from ever reaching your inbox. Additionally, it’s important to be aware of the common signs of wire fraud such as suspicious URLs and requests for personal information or money. By keeping an eye out for these red flags and avoiding responding to any requests that don’t look quite right, you can go a long way towards protecting yourself from becoming a victim of wire fraud.

Taking proactive steps like these can go a long way towards combating wire fraud and protecting both yourself and your business from becoming victims of this increasingly pervasive crime – providing additional safeguards around sensitive financial data while minimizing potential losses down the line due malicious actors looking exploit weaknesses presented throughout online payment processing systems whether personal or commercial based operations alike – always best practice when coming into contact with potentially untrustworthy 3rd parties regardless setup which could disproportionately affect organizations whose livelihood dependability entirely upon their technological infrastructure staying functional reliable at all times.

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