Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man- in-the-email” or “business email compromise” scams.  Although there are multiple variants, a common situation involves an attacker gaining access to the email system of a company, or the company’s vendor, and monitoring email traffic about an upcoming transaction. When it comes time to submit an invoice or a payment, the attacker impersonates one of the parties and sends wire instructions asking that payment be sent to the attacker’s bank account.

Wire fraud scams often victimize two businesses – the business that expected to receive payment, and the business that thought that they had made payment. The scam can cause significant contractual disputes between the victims as to who should bear the loss.

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Steps to help avoid wire fraud scams:

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