Bank Wire Fraud

We have been apprised about a very aggressive form of fraud going around now, and we just wanted to give you a heads up.

What will usually happen is an email from a Top Executive (John Smith) will go to the CFO/Accountant, etc and say something to the effect of:

“Dear Bill, We have been looking into acquiring another company in City/State/Country, and will be moving forward in acquiring this company in XXX. Please keep this strictly confidential. In the next few days, a Mr. William Tate (or whatever name they choose) will be contacting you regarding this. Please coordinate with him anything he will need for this acquisition, etc etc”

In a couple of days, you will probably get an email or even a phone call from “William”. He will probably tell you that he is reaching out to you, and that John Smith wanted him to reach out to you. He will then start to discuss a wire transfer. And in short, after this wire transfer is completed, you will never see the money again.

They are getting pretty sneaking and bold. Not to get too technical, however, the email may “look” like it’s from the President/Exec, however, hidden in every email is a ReplyTo that will basically route your reply to the scammer and not the Exec. Very sneaky, but effective.

Our recommendation is to have ANY and ALL bank transfer requests, or even unusual check requests or invoices, to have a verbal confirmation from the Executive themselves, no matter how desperate the email sounds. If we remain alert and vigilant, we can stop these frauds before they start.

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