Wire fraud is a daily danger. Cyber-security filters may stop 90%+ of attempts, but some still get through. You should be especially alert around bank holidays. For international clients, attempts are especially focused when US/European/Asian holidays are not in sync. Scammers want to prevent you from verbally verifying the authenticity of a wire request, since the requester’s office is closed for the holiday.

Here are more tips for preventing wire fraud at foundations and family offices:

  1. Check the email source thoroughly
  2. Beware of new wire instructions
  3. Use your privacy settings on social media effectively
  4. Passwords need to be high quality
  5. Beware of any sense of urgency

Read the full article about preventing wire fraud by Tom Donahoe at Exponent Philanthropy.