{"id":14742,"date":"2024-08-02T13:38:23","date_gmt":"2024-08-02T13:38:23","guid":{"rendered":"https:\/\/trustpair.com\/blog\/bank-statement-fraud-how-to-avoid-it\/"},"modified":"2025-07-15T09:15:53","modified_gmt":"2025-07-15T09:15:53","slug":"bank-statement-fraud-how-to-avoid-it","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/bank-statement-fraud-how-to-avoid-it\/","title":{"rendered":"Bank statement fraud: how to avoid it?"},"content":{"rendered":"

Last year, the FBI reported that US companies lost over <\/span>$6.9 billion<\/span><\/a> in cybercrimes.\u00a0<\/span>The bulk of those? <\/span>Crimes by business email compromise, bank statement fraud and wire transfer fraud<\/a>. <\/b>When hackers steal your hard-earned money and financial data, it compromises your entire business operation. Businesses stand to lose much more than cash – trade secrets and passwords can be accessed. Assets from all departments are at risk.\u00a0 <\/span>In this piece, you\u2019ll learn about bank statement fraud, and how to protect your company from falling victim to it.\u00a0<\/span><\/p>\n

What are some examples of bank statement\u00a0fraud?<\/h2>\n

Wire transfer frauds have been around since the internet began. But each year, businesses are susceptible to more creative hacking techniques that leave them vulnerable. <\/span>The most common type of <\/span>wire transfer fraud<\/span> is a phishing scam.<\/span><\/p>\n

Phishing scams\u00a0<\/span><\/h3>\n

A phishing scam<\/a> is also known as business email compromise<\/a>.\u00a0<\/span><\/p>\n

Scammers start by cloning your company emails or buying up similar domains for one of your suppliers. When they reach out, they are able to fool employees into believing that the email is real. They send a fake email requesting either money (via an invoice) or asking your employee to reveal sensitive information.\u00a0<\/span><\/p>\n

Some examples of phishing emails include:\u00a0<\/span><\/p>\n