Cyber-attacks on our national security have become headline news of late, but a more prevalent occurrence is personal digital wire fraud by cyber thieves. Hackers are breaking into personal email accounts to extract money from their victims through third-party electronic wire transfers. The problem is significant, and public awareness is low.
The most common activity is breaking into your email account. Hackers will snoop through your inbox, sent items, and deleted items to search for letters of authorization to wire money. They are also trying to steal your credit card information, your social security number, and any other sensitive information they can find.
Crooks using digital wire fraud will typically copy your standard form of email communication and signature with a letter of authorization to wire funds to a third party. They may also create a dummy email address (that looks eerily similar to your email address) so that you never know these attacks are being performed.
We’re here to help
To give you comfort, B&C Financial has invested significant capital and resources in information security. Our information technology is secured above and beyond industry requirements. Our procedures for wiring funds are among the safest in the industry.
There is no guarantee that we can prevent any type of security breach on you or our firm. But we ask that you be mindful of such risks and make every attempt to use secure email accounts and less redundant user ID’s and passwords. We also encourage you to read a recent fraud alert published by the FBI to learn more about these risks and how to prevent them: