Protecting Your Organization From Wire Fraud

On March 18, 2020, the Canadian Anti-Fraud Centre ("CACF") released a bulletin warning Canadians that fraudsters are exploiting the COVID-19 global health crisis to commit fraud and cyber-crime. As a result of organizations transitioning their employees to work-from-home or remote access arrangements in response to the crisis, new vulnerabilities are appearing which existing IT infrastructures may not have contemplated.

Cybercriminals are now looking to take advantage of these vulnerabilities through a number of different scams. Wire fraud is a tried, but effective, scam fraudsters and cybercriminals often use to intercept large transfers of funds. In view of the ongoing crisis and the rise in related fraud, it is now more important than ever for organizations to consider what steps they need to take to avoid falling victim to wire fraud.