How to Protect Yourself From Wire Transfer Fraud

Betsy Blumenthal, Kroll’s senior managing director and head of the San Francisco office, discusses Kroll’s experience working with wire fraud cases, common pitfalls and what businesses can do to help protect themselves and employees against these risks.

Since the article’s publication, the FBI has released a PSA identifying the most common wire fraud scheme as the Business E-mail Compromise (BEC), “a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments.” The FBI estimates the total number of US victims at nearly 1200, accounting for almost $180 million in lost funds.