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Wire Fraud on the Rise

Jim Smith,

February 23, 2015

Building Your Business

UBT News

If you receive an email from your President or CFO asking you to wire money to a vendor, you’re going to do it, right? Well, even the most straight-forward, reasonable request can require extra scrutiny in today’s high-tech world.

Wire fraud is becoming increasingly common as fraudsters find ways to creep into your business network or even replicate email addresses with small changes difficult to spot in the course of your normal business day. It’s important for you and your staff to have 100% certainty about a wire before calling it in. Once the wire has been authorized and executed, it cannot be reversed using traditional payment channels.

How can you protect your company?

  • Keep the bad guys out of your business. Make sure your security systems and firewalls are up-to-date. Use software that offers multiple ways to verify your identity (like Business Banking Online), such as verifying if you are using your normal device, prompting you with security questions, token passwords, etc.
  • Seek verification for a wire request (especially if it comes by email). Verify the request using a different method than how you received it. A simple phone call could save your company valuable time and money.
  • Ask questions. Is it normal for this person to request a wire? Are you the person who places wires for your company? Have you ever heard of this vendor, or did the request include the purpose of the wire? A few simple questions can help you determine if the request is legitimate or cause for concern.

How the bank is watching out for you.

The bank has several procedures in place to protect your account from fraud, but we will be adding some additional steps, given the recent increase in wire fraud.
  • Authorized users. Only those authorized to initiate a wire can send money on your behalf. Keeping this group small helps minimize your risk.
  • Staying up-to-date. We are constantly researching the latest ways that criminals are attempting to access your accounts and finding ways to stop them.
  • Ask questions. While this is part of our normal process, you can expect a few more questions when you call in a wire request, just to help protect your business.

What if I suspect fraud on my account?

Contact Union Bank immediately at 402.323.1557 and we will begin investigating.

How can I learn more?

There are several resources for businesses to learn more about fraud. Check out UBT’s video on Fraud Management or find specific information on wire fraud at the Internet Crime Compliant Center (a collaborative effort between the FBI and National White Collar Crime Center).
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When I initially commented I clicked the "Notify me when new comments are added" checkbox and now each time a comment
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Is there any way you can remove people from that service?

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Hi Bette, We will be in contact to help get that fixed for you.

This blog article is for informational purposes only, and is not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.