Review our recent Notice to Lawyers to learn about the details of these funds transfer frauds and additional resources. Any time you are transferring trust funds by any means, you are at risk for cyber crime and must verify emailed instructions through direct phone or in-person contact with the party purporting to provide the instructions. If the instructions appear to come from your client, contact your client in person or by using the original phone number in the file.
Verification will reduce your deductible from 35 per cent of the indemnified loss to 15 per cent. You can download this checklist and use it for every payment.
If you think you have been a victim of a funds transfer fraud, immediately notify your bank and request a claw back of the funds. Next, contact your IT department and cyber insurer (Coalition or other) to ensure the fraudster is not lurking in your system, and then report to us.