Scam Alert! Professional Liability Clients Targeted By Fraudulent Wire Transfers

62%. That is the number of businesses that experienced phishing and social engineering attacks in 2018. About 71% of those breaches were financially motivated. Cybercrime is the most threatening crime that a business faces, and it has grown exponentially over the years. Businesses are not protecting their data, which makes them a target for cybercrime, and scams like the fraudulent wire transfers.

envelope on a laptop screen with a hand coming out of it grabbing money and card.
Wire frauds is an epidemic and can destroy a business. Notify businesses of these scams and how to be protected with cyber security.

As an agent, the more you are informed of these kinds of scams, the better you can inform your clients and protect them. Cyber security can help cover this kind of scam a business faces. First let’s talk about what these fraudulent wire transfers are, and then how you can protect your client’s business.

Business Wire Frauds

Wire fraud is a growing threat to businesses in the United States, mainly because of the increased online financial activity and mobile banking. It has gotten so bad, that the FBI issued a warning about a wide-ranging email scam in which people were emailing businesses in order to conduct a wire transfer.

These criminals will get personal credentials and passwords by installing malware, sending out phishing emails that pose as a legitimate business in order to get personal and financial information, or hacking into email accounts. 

For example, a lot of people recently have received emails posing to be their bank stating that someone tried to hack into their account. There will be a link there for the person to sign into their account and check it. These are usually scammers. If a bank suspects fraudulent activity, they will call you. Once a person gets those kinds of emails, they should call their bank immediately. 

Protection With Cyber Security

Notify clients of the ongoing scams and threats to their business and how they can protect their business. One sure way to prevent fraudulent wire frauds is by having cyber security insurance with wire fraud coverage added. Once a business has had a wire transfer fraud or cybercrime claim, it is hard to find coverage afterwards. The business is branded as high risk then.

laptop with a lock on the screen over a map of different continents.
Protect your clients from fraudulent wire frauds by providing cyber security insurance with wire fraud coverage added.

For this reason, it is better for a business to be protected before the crime occurs. This is something every agent should point out to their customers. As an agent, your main goal is to make the customer happy. In order to do this, you must provide protection and a sense of security to clients, within an affordable price. Your customers will appreciate your knowledge of scams and your compassion to protect their business.

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