Florida-based Family Office
Family Office Uses Conduit to Secure Wires and Electronic Payments to Combat Increase in Targeted Fraud Attempts
A Florida based Family Office engaged Conduit after attending one of Conduit’s educational webinars. Conduit outlined the tactics of the wire fraud criminals, using business email compromise (BEC) to perform socially engineered wire fraud. The family uses Conduit’s software to verify all payments (direct investments, construction draws, charter air services and vendors) before engaging banking platforms and wealth advisors.
The Family had noticed an increase in direct fraud attacks against its members, including highly sophisticated spearfishing attacks where criminals called inbound and represented themselves as counterparties. Conduit ensures all payments are properly approved and verified and allows for aggregated reporting, easy oversight of family accounts, and provides an audit trail of all payments.
Conduit protects the Family by:
- Implementing forced workflow of proven best practices, creating a repeatable cash control process
- Ensuring account details are verified with proper callbacks to known good numbers
- Moving the disparate transactions from various accounts out of Excel and email and centralizing communication and oversight of cash movement within Conduit.
Testimonial
“It is my job to protect the family’s assets. When transacting, I’m always struck that our wealth managers and financial institutions are calling me on recorded lines to confirm my intent around wiring funds. By using Conduit, I’m bringing those same rigorous best practices that are used by the largest financial institutions to my Family Office’s internal process. Knowing the horror stories around wire fraud and how often we are targeted, sending funds is always stressful. Using Conduit has made wiring far more secure and given me peace of mind that I’m doing everything in my power to prevent these bad actors from stealing from us.”
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Conduit defends investment managers against wire fraud. Our clients include the most sophisticated managers and companies in the world. We have protected billions and our clients have never lost a dollar to wire fraud.
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