Wire Transfer Fraud

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Wire Transfer Fraud Lawyers

Cyberattacks come in many variations and the rate in which the offense occurs has risen alarmingly.

Hackers are more creative than ever, accessing computer systems and observing activity for months to determine the best way to steal money. For this reason, it is critical that businesses and consumers become more proactive in protecting themselves from these sly schemes.

What to do if you have been victimized by wire transfer fraud:

You may be able to recover funds through the following steps:

  1. Engage an Attorney Quickly. A lawyer can help you determine who you have to notify about what occurred, what actions to take to mitigate your losses, and how to prevent this from happening again.
  2. Contact All Banks. If you realize the fraud soon enough, you may be able to stop your bank from sending the funds or the recipient bank from releasing them to the account holder. If the funds are already gone, the banks can also assist the authorities in tracing the money.
  3. Contact Your Local FBI Office. The FBI can effectuate a Financial Fraud Kill Chain to stop the transfer of funds. To start the process, you must file a complaint with the Internet Crime Complaint Center (IC3).
  4. Find the Source. It is important to engage an eDiscovery vendor to evaluate your emails and computer systems to determine the source of the fraud and if third-party liability exists. The company can also advise regarding how to protect the system from further hacks and implement policies and training for employees to prevent these situations.
  5. Evaluate Third-Party Liability. Your eDiscovery vendor may determine that the problem arose because of the actions or omissions of third parties. For example, a hacker could have obtained access to a third-party’s email account due to negligence, or in a different situation, some other participant in a transactional process (such as a bank, settlement company, title insurance company, an attorney or other professional, or real estate buyer or seller) could be responsible. In these scenarios, a claim may be viable against the responsible party.
  6. Review Existing Insurance Coverage. Depending on the circumstances, you may have insurance coverage for the losses. If you are suing a third party, that party may have insurance coverage, which will help in recovering money from them.

Many people lack sufficient cybersecurity measures, putting themselves and their employers at risk. Individuals and businesses should educate themselves about cybersecurity as well as learn what legal recourse they have in the event of an attack.

What to Do Next

If you have been victimized by wire transfer fraud in excess of $100,000, contact us for assistance.