Sterling Technology Solutions CEO Weighs in on Wire Fraud

June 27, 2023

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In the digital age, email has become an indispensable tool for communication, connecting individuals and businesses across the globe. However, this convenience comes with risks, as cyber criminals have devised sophisticated schemes to exploit unsuspecting individuals through email and wire fraud. Understanding the nature of these scams and adopting preventative measures can help safeguard your personal and financial information.

This fraud encompasses a range of deceptive practices designed to trick recipients into providing sensitive information, such as passwords, credit card details, or social security numbers. These scams typically involve impersonation, forgery, or the use of malicious links or attachments.

Sterling Technology Solutions of Charlotte, NC, manages IT services for small to medium businesses in the Carolinas, and CEO Tom Blanchard weighed in on email security, wire fraud, and prevention. Click the video above to see what he had to say.

“They [cyber criminals] have become very, very good at making emails look legitimate,"says Blanchard. Once hackers get access to the email account and password, they will wait for a transaction to occur, such as a real estate email, which they then copy and create a pretty convincing email. In wire transfer fraud, victims are tricked into wiring money to fraudulent accounts, usually with a payment link or similar scheme to steal unsuspecting consumers’ money.

Cybercriminals are continually evolving their tactics, making it crucial for individuals and businesses to stay vigilant. By implementing preventative measures and adopting best practices, you can protect yourself against email and wire fraud, ensuring your online experience remains secure. Remember, when in doubt, it's always better to err on the side of caution.

If you are the victim of wire fraud, it is crucial to act quickly as Banks often cannot reverse charges. However, more than 80 percent of wire fraud victims have gotten their money back by reaching out to the FBI within 72 hours.

Just as Sterling Technology Solutions can provide an informed opinion to Queen City News on current cyber threats, they also provide IT support to small to medium-sized businesses. Sterling Technology can help with the support that includes increased email security, servers, email migrations, networks, firewalls, Sharepoint, moving to the cloud, and much much more.

Visit our website at www.sterling-technology.com to learn more.

References:

https://www.jpmorgan.com/commercial-banking/insights/preventing-multifamily-wire-fraud