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Quality Should Be Your First Consideration

The majority of wire fraud cases go unreported

On Behalf of | Oct 2, 2021 | Fraud

Wire fraud can be detrimental to your business, and the financial ramifications might carry on for years. No doubt due to the sensitive nature of the issue and the way that it could affect consumer trust in a company, a report released in 2020 revealed that only about 15% of wire fraud cases are reported to authorities.

There are definitely a lot of drawbacks to making news of fraud against your company public. There’s an element of embarrassment. Investors and other stakeholders may blame your company for not doing more to have a secure system. Involving law enforcement in an investigation may also interfere with your regular operations.

What is the right way to handle the situation?

Well, it depends on the context of your case and the type of business in question. Was it an inside job? Was a loophole in the security system that should have been closed exploited? 

Some sensitive decisions which could impact the future of the company may require input from the stakeholders. The amount of money lost may also factor in the necessary steps to take. In the end, the most important thing is to protect the current and future interests of your company.

Stay ahead of the situation

Fraudsters are getting smarter every day, which is why it is equally important to be on top of things when it comes to protecting your business from fraud. Educating your employees is as important as putting up robust systems in place to deter fraud.

In addition, knowing the best course of action to take after being defrauded will put you or your business in a better position for the future. When you’re uncertain what to do, experienced guidance may be able to help you explore all of your legal options.