Wire Fraud: How An Email Password Can Cost You $100,000

Thomas Fox is president of Tech Experts, southeast Michigan’s leading small business computer support company.

Wire fraud is one of the most financially damaging threats to people and businesses today. Victims can lose hundreds of thousands of dollars in the blink of an eye.

What is wire fraud? Let’s start with the basics:

A wire transfer is an electronic transfer of funds between entities, usually a bank and someone else.Wire fraud utilizes this system to steal money. Typically, this is done by fooling a financial institution into wiring money to a fraudulent account.

The process often begins with the theft of personal data or email credentials, which means data security is paramount to preventing this threat.

Here’s an overview of wire fraud so you can better protect your business and clients. [Read more…]