March 2026 Magazine - Flipbook - Page 20
INSURANCE
Social Engineering
Fraud
What is it and what can you do
about it?
Social engineering fraud has become one of the costliest threats facing businesses
today. Unlike traditional cyberattacks that exploit technical vulnerabilities, these
schemes manipulate human psychology to trick employees into transferring funds or
revealing sensitive information. Understanding how these scams work and
implementing proper safeguards can save your business from devastating financial
losses.
The Real Cost of Wire Transfer Fraud
Social engineering attacks often target your company’s payment processes. Criminals
pose as legitimate business associates, vendors, or even executives within your own
organization. They might send an email that appears to come from your CEO
requesting an urgent wire transfer, or impersonate a trusted supplier asking you to
update payment details. These schemes are sophisticated, convincing, and
increasingly common.
Immediate Action if You’ve Been Targeted
If you suspect your business has fallen victim to wire transfer fraud, time is critical.
Contact your bank immediately and request a recall of the wire transfer in writing. File
a complaint with the FBI at www.ic3.gov, which activates the FBI’s Recovery Asset
Team. Preserve all records of the incident, including emails in their original electronic
format, as these can help investigators trace the funds. Taking these steps quickly
maximizes your chances of recovery and helps establish documentation for any
insurance claim.
18 March 2026 | THE TEXAS SURVEYOR
