Hoosier Banker 43 Cyber criminals can send through encrypted email using a similar domain or spoof address. Always verify the contact and source, paying attention to the domain name after the “@” symbol – for example, gnail.com instead of gmail.com makes all the difference. 2. “These wiring instructions were sent by fax from a number I recognize, so these are okay to use.” Myth! Wiring instructions sent through a facsimile communication can be an attempt at fraud. Cyber criminals have the ability to alter the sender line in a fax, making it appear as if it came from your client. Always verify the contact and source. 3. “I only confirm wiring instructions when changes are submitted” Myth! You need to confirm wring instructions every time, not only when they are changed. Red Flags “Red flags” are not absolute rules, but rather an indication that there may be something out of order with the wiring instructions. There may be reasons for the red flags that, upon proper investigation, may be legitimate. However, you should look out for the following, and investigate each instance of a red flag when it is discovered. Below is not an all inclusive list, but rather some of the more prevalent red flags: • Wires to be sent outside of the United States; • Changes in wiring instructions –Very few individuals or corporations change their bank accounts in the middle of a transaction. Be suspicious of changes in wiring instructions; • Similar but slightly different email addresses – Many cyber criminals will attempt to defraud by communicating with a very similar but slightly different email address; • Wire to a different geographic location than recipient’s; • Wire to an account which is not in the name of the recipient; • Individual wire sent to a corporate account; • Corporate wire sent to an individual account; • Broken English – Many cyber criminals are outside of the United States, and English may not be their first language; • Unnecessary speed requirements or demands – Everyone understands the desire to receive money from a third party, but extraordinary pressure for the speed of the wire may signal an attempt to keep you from investigating. Your Full-Service Community Development Financial Partner We support communities and economic development initiatives through: • Creative Loans & Financial Resources • Investments • Best-In-Class Services Cinnaire will support and enhance community stabilization and economic development by providing our partners with creative financial resources, expertise and best-in-class services. cinnaire.com | 844-4CINNAIRE In the age of technology, it is critical to have a cyber and wire fraud prevention plan. Equally important is to ensure everyone is trained and follows the plan so that your clients, your employees, and your company or firm are not compromised. HB Note: For more information about wire transfers to view, download or print, visit invtitle.com/wire.
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