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Friday, 25 March 2016 13:16

Risk Bulletin: Social Engineering Wire Transfer Scams Affecting U.S. Companies

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COMPANIES WHO SEND MONEY BY WIRE TRANSFER MUST BE AWARE OF SCAMS

Businesses that wire-transfer money to vendor or corporate bank accounts or on behalf of clients and customers should be aware of scams impacting even the best-managed companies. These wire-transfer scams are intentionally misleading unsuspecting employees into sending money or diverting payments to fraudsters who are impersonating vendors, clients, customers and even senior executives or business owners.

To help businesses manage these risks, The Hanover created False Pretense Coverage — an insurance solution providing protection from a wide variety of social engineering scams.

Identifying Risks and Frauds

Commonly referred to as social engineering scams, these frauds trick employees with fake information received by email, text, instant message, telephone calls or other electronic communications. The information and request to transfer funds will appear to be legitimate, but will have actually been sent by imposters intending to steal the company’s money.

Here are some typical scams and strategies to avoid them:

Click Read More then download attachment to obtain the entire whitepaper

Written by The Hanover Insurance Company

Read 2315 times Last modified on Friday, 25 March 2016 13:38

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