wire fraud prepatation checklist image
26 November 2019
Category: Fraud
26 November 2019,
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Attempted losses due to business email compromise schemes increased to more than $300 million per month, according to the latest report from the Financial Crimes Enforcement Network (FinCEN).

This is an increase from $110 million per month in attempted losses in 2016. FinCEN reported that overall, the number of BEC suspicious activity reports (SARs) increased to 1,100 per month last year, which was up from 500 reported per month in 2016.

With this threat continuing to grow, ALTA’s Information Security Committee developed a new tool for members seeking best practices to verify outgoing wire information. The checklist is broken into three sections:

  1. Provide the source of the wiring instructions
  2. Verify instructions received by email or from someone other than the payee
  3. Verify delivery of wired funds

 

Download the Checklist

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This article has been used and reprinted with the permission of The American Land Title Association. The material is for general information purposes only and is not to be relied upon or used for any particular purpose. Title Industry Assurance Company, RRG and The American Land Title Association shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained or referenced in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal or professional advice, nor shall it serve as a substitute for the recipient obtaining such advice.

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