Overview
Funds transfer fraud is a common cyber attack in which hackers redirect funds from a victim's account before or during a money transfer so that the fraudsters receive the payment instead of the intended recipient. The computer fraud scheme often involves an attacker impersonating an executive, vendor, or bank — and sending fake invoices or payment instructions.
If the sender doesn't verify the information or realize the scam, the criminals usually close their bank accounts within days, making the money difficult to recover. Fraudulent transfers are often immediately transferred to cryptocurrency wallets and quickly dispersed, making recovery efforts impossible. Adding to these costs, the actual vendors who failed to receive payments or were instructed to send fraudulent funds on behalf of the organization will demand to be paid or reimbursed immediately.
