Wire fraud recovery is difficult, but possible
When the scammer succeeded in his attack, he received the money in the bank account he indicated for the wire transfer. Instantly he divides the fund and sends it to different accounts abroad to make them disappear. It makes it very difficult for the authorities to trace back the funds and the fraudster. It’s also complicated to get them back, the recall process can be applied but there is no guarantee that it’s going to be successful.
In order to maximize chances of success, companies and individuals have to be quick:
Indicate to the bank there is a problem with the wire transfer, if it’s still transferring it can be intercepted on time.
Otherwise, contact the authorities to report the fraud
Then it’s possible, depending on the amount of money stolen and the situation, to get a refund for wire transfer fraud.
The key to recover from wire fraud is to be reactive and prepared. Every company should have a Business Continuity Plan (BCP). In order to have a good BCP, there are good practices to prepare and apply:
Anticipate the risks and potential impacts they could have on the business.
Organize and plan an effective response to those risks and impacts.
Have people prepared to execute the plan and deal with an eventual crisis.
Prepare a crisis communication to inform any third party of the situation and how it is handled.
Finally, test the effectiveness of the business continuity plan.