The number of wire fraud cases is on the increase globally, and this includes within the insurance industry. As a reminder of best practices for reducing the likelihood that you will be victimized by this type of crime, we share the following information.
When it comes to wire fraud, prevention is key. To help protect yourself and your business, take the following steps:
-Ensure that all employees who handle wires are properly trained on how to spot red flags and identify fraudulent activity.
-Implement dual approval procedures for all wire transfers, so that no single individual has sole control over the process.
-Verify the wiring instructions with the intended recipient by telephone or in-person before sending any money. Do not rely on email communications alone.
-Never send wires in response to unsolicited requests, even if they appear to be from someone you know and trust. If you are unsure about a request, confirm it with the person directly before taking any action.
By following these simple steps, you can help protect yourself and your business from wire fraud. If you have any questions or concerns, please contact your insurance agent or broker. Thank you for your time and attention to this important issue.