How else can businesses protect against wire fraud?
Again, it’s important to review transactions and statements promptly. Many times the wire fraud amounts are small, so the transfer doesn’t attract special attention and the money may not be missed. There often will be repeated, fairly small transfers, and the fraud can go undetected for a long time. Companies should be very careful not to divulge their account numbers and ACH routing numbers to unauthorized parties, and should notify their financial institution any time they suspect information has been compromised. There needs to be secure computer and communications systems in place, with firewalls and Internet security on all computers. Passwords are not enough. We recommend multifactor authentication, which adds another layer of security beyond passwords by requiring users to be identified and validated in a variety of ways. Can you characterize risks posed by employees? Employee fraud tends to happen to those business owners who don’t manage their own business finances and don’t h
