R E A D O N L I N E
45
B
usinesses of all sizes and kinds
face a growing risk of financial
loss from fraudulent internet
transactions—including, believe
it or not, retail flower shops.
Here's just one example: When the
controller of a California business
received an email from the CEO
requesting an immediate wire
transfer to a vendor, the transaction
seemed routine. Only after the money
was sent was it discovered that the
vendor was not due such a payment.
And worse, the funds had not been
received by the vendor.
An investigation revealed that the
sender of the request was a thief
using an email address misleadingly
similar to the targeted company's
top executive. The supplied banking
credentials were actually those of
the crook's account in China. Acting
quickly, the controller called the
overseas bank to see if the payment
could be canceled. What he heard
allowed him to breathe a sigh of
relief: Because the funds had arrived
on a Chinese bank holiday, they had
not yet been credited to the thief 's
account, and the company was able
to recover its funds.
HOW TO COUNTER
FRAUD IN A
DIGITAL WORLD
By Phillip M. Perry
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