10 tips to help avoid wire fraud scams.

Wire transfer fraud, particularly through business email compromise, poses a risk to CPA firms. In this type of fraud, a fraudster impersonates a trusted individual and sends a fake email to someone at the firm, requesting a wire transfer. The email may reference a legitimate debt or invoice but provide altered account information. The recipient may not notice the subtle clues and unknowingly send the money to the fraudster's account. To protect themselves, CPA firms should implement data security protocols, educate personnel about data security risks, test their ability to identify cybercrimes, use secure methods to communicate with clients, agree on payment protocols in advance, require clients to implement their own security measures, mandate dual authentication for all payments, involve more than one person in payment transactions, be cautious of sudden or emergency payment requests, and take immediate action if a fraud occurs. [Extracted from the article]