Combatting Wire Fraud

A Growing Threat Targeting

Businesses Like Yours

Combatting Wire Fraud for Your Business

Businesses like yours are being targeted by fraudsters at a growing rate. They are attempting to gain access to your online portal or engage with your employees to initiate a transaction. These attempts utilize human-to-human deception, known as social engineering, to initiate high-value losses. Together, we can stay one step ahead of fraud and keep your business safe.

In an ongoing effort to combat fraud, ConnectOne Bank has a series of additional security measures in place.

These enhanced safeguards are designed to provide businesses with greater protection against fraudulent transactions.

Added Security Protocols

For Your Wire Transfer Protection

Additional verification steps to confirm the authenticity of payment instructions
Call-backs to a secondary signer or authorized contact for certain transactions
Precautionary delays in releasing payments when additional validation is required

Best Wire Practices For Your Business

	Implement Dual Control	Require two different employees for each transaction: one to initiate the transfer and another to approve and release the funds. No single person should be able to send a wire transfer on their own.
	Maintain a List of Pre-Approved Vendors	Keep a list of pre-approved vendors and their verified banking information. spoofs a trusted vendor's email and sends a realistic-looking invoice with new, fraudulent bank account details.
	Limit Access	Restrict the number of employees who have the authority to initiate or approve wire transfers, as well as who has access to an MFA (ie. soft token).

Use a Dedicated Account

Consider using a separate, zero-balance bank account for wire transfers only, and place blocks on other accounts to prevent unauthorized wire activity.

Always Verify Details Verbally

Independently verify all new or changed payment instructions (including account numbers, routing numbers, and recipient names) by calling a known, trusted phone number for the recipient.

Do not use the contact information provided in the email or message that requested the transfer, as it may be compromised.

Scrutinize Requests for Changes

Be extremely cautious of last-minute changes to wiring instructions, as this is a major red flag for fraud.

Don't Miss These Email Red Flags

Unusual Email Address: Always confirm the sender's email domain matches the expected company. This address uses “b” from the cyrillic alphabet (Б).
Scare Tactics: If an email uses urgent warnings of account issues, safely assume it's a scam and do not panic.
Misspelled Words: Misspelled words or poor grammar are clear indicators that the sender is an impersonator, not a professional organization.
Suspicious URLs: Banks don't ask you to log in via email; never click unexpected links that may lead to phishing sites.
Unexpected Attachments: Never open unsolicited attachments—real banks won't send them, and they may contain malware.

Your Trusted

Support Contacts

Call 844-266-2548

Our Client Connection Center is available

Mon-Fri 7am-7pm, Sat 8am-2pm

Email support@cnob.com

If Fraud Does Occur

STOP. ESCALATE. CONTACT.

Contact your bank immediately.
Alert your IT department, executives and legal counsel.
Save all related communication and document the timeline of events for the investigation.
Change passwords/credentials and work with IT to scan systems for malware or unauthorized access.
File a police report with your local police department. If your incident is cybersecurity related, file a complaint with the IC3 Crime Complaint Center at IC3.gov.

Web

ConnectOneBank.com

Find your nearest

ConnectOne Bank office at

ConnectOneBank.com/Locations