Wire transfer scams are edging out ransomware as the most frequent cyber scam

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Fraudulent wire transfer is a form of payment fraud where a criminal initiates or redirects a money transfer so that the fraudster receives the payment instead of the intended recipient. Canadian Underwriter Magazine reported that fraudulent fund transfer claims are now exceeding ransomware claims.

Three easy steps to help you avoid these scams:

  1. Call before you click
    If you receive instructions from a client, colleague, or other lawyer that involves a change in wire transfer account numbers or relates to a transfer of funds, always pick up the phone and call the individual to verbally confirm those instructions.
  2. Train your lawyers and staff
    Make sure all the lawyers and support staff in your firm are aware of the likelihood of spear-phishing attacks and the need to verbally confirm any changes to wire-transfer instructions received by email.
  3. Warn your clients
    Alert your clients of the dangers associated with wire fraud and advise them to verbally confirm with your firm any bank account details received by email.

Use this wire checklist: fund transfer instructions verification checklist

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