Wire fraud is one of the fastest-growing threats, with Business Email Compromise (BEC) alone causing over $26 billion in exposed losses globally. Criminals use phishing, malware, vishing, and spoofed emails to trick employees into authorizing fraudulent transfers. Red flags include urgent payment requests, altered vendor instructions, and suspicious domains. Prevention requires employee training, multi-factor authentication, and strict validation of payment changes. An effective incident response plan—covering preparation, detection, containment, recovery, and after-action reviews—helps limit damage. Fast investigation, law enforcement contact, and system remediation increase the chance of recovering funds.

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