How to make sure you are secure after wire frauds: From the first 24 hours to a long-term security plan

Imagine you’ve just wired $200,000 for a real estate transaction. A sinking realization hits minutes later: the money isn’t going to who you thought it was. 

Instead, it’s vanished into a fraudster’s bank account—and the clock is ticking.

The sheer panic, the questions racing through your mind: how did this fraudulent transaction happen? What do I do now?

When wire fraud occurs, it creates a crisis of trust and security. Unfortunately, this scenario is all too real for businesses today. 

If you fell victim to a wire transfer scam, contact us to help you get money back from a scammer.

According to our survey of nearly 650 home buyers and sellers, 1 in 10 Americans have been targeted for real estate wire fraud, while 1 in 20 have suffered direct losses over the last three years. 

The FBI’s Internet Crime Complaint Center (IC3) also reported cybercrime losses exceeding $12.5 billion in 2024, with Business Email Compromise (BEC) (the primary fraud tactic used to commit real estate wire fraud) topping the list of threats.

Put simply: as a title professional or law firm, it’s incredibly likely that a fraudster has targeted you or your clients, whether you have realized it or not. 

And if it happens, you need to know how to secure your business.

Acting fast and decisively can mean the difference between recovery and permanent damage. 

This guide is your road map for navigating the aftermath of wire fraud—and fortifying your defenses against the next attack. Let’s dive in.

What to do if you get scammed on wire transfer: First 24 hours

The first 24 hours are critical. These actions can mean the difference between recovery and irreparable loss.

Treat this period like triage: act decisively to minimize damage and gather evidence for recovery.

As highlighted in our white paper, “When Minutes Matter,” every moment counts; the longer the delay, the slimmer the chances of recovery. 

Matt O’Neill, Former Head of the U.S. Secret Service’s Global Intelligence Operations Center, also explained in a recent To Catch a Fraudster webinar that speed is the most critical aspect of fraud recovery. 

“Typically, we saw [at GIOC] that the success rate after 24 hours goes down into the low single digits. So it has to be within 24 hours.”

Here’s more, in his own words:

So, let’s take a step into this crisis. 

Here’s what you should do in the 24 hours immediately after discovering you’ve fallen victim to wire fraud.

Step 1: Immediate response after you became a victim of wire fraud (0-2 hours)

Contact the bank

First, contact your bank’s fraud department immediately. Provide all recent transaction details, such as reference numbers and timestamps. 

In addition, demand that the receiving bank place a “fraud freeze” on the account to prevent further transfers. You do this by calling the fraud department and requesting a SWIFT recall to halt the transfer—this is important.

Be firm and follow up on the bank wire fraud investigation process - once funds are converted to cryptocurrency, they become virtually impossible to recover.

Document your actions

While it’ll be difficult in the chaos of the moment, be sure also to document every step you take starting right now, including times, actions, and contacts. 

Being meticulous now ensures clarity later—which is vital for both authorities and internal reviews.

Step 2: Alert authorities to start the investigation process (2-4 hours)

File a complaint with the FBI IC3

Now that your funds are frozen, you must get law enforcement involved. 

This includes first filing a complaint with the FBI’s Internet Crime Complaint Center (IC3). In your complaint, include detailed information about the bank wire fraud, such as financial transaction data and evidence (email headers and descriptions of the incident).

Remember, filing with IC3 alone doesn’t trigger real-time recovery efforts, but it does help to build your case. Don’t delay taking action with federal law enforcement.

Contact your local FBI Field Office

Having someone local to speak to about your case can also be incredibly helpful and reassuring. In some instances, it may even help with wire transfer fraud recovery.

We recommend reaching out to your local FBI field office and referencing your IC3 complaint number. They’ll be able to help give you a direct line to those working on your case.

Pro Tip: O’Neill also recommends connecting with your local law enforcement office before fraud occurs to build a relationship. A simple monthly coffee chat can go a long way in ensuring you know who to contact if wire fraud strikes.

Leverage Fraud Recovery Services‍

CertifID’s Fraud Recovery Services can also assist by coordinating with law enforcement and financial institutions on your behalf. This can help accelerate the recovery processes and restore your peace of mind.

We’ve recovered millions on behalf of wire fraud victims, like Luana, who we helped get $297,000 back after she unknowingly sent her cash to close funds to a fraudster.

Contact your insurance carrier‍

It may go without saying, but you’ll need to notify your insurance carrier.

However, it’s important to know that most insurance carriers do not offer wire fraud insurance. 

So, while many policies don’t cover wire fraud outright, they may provide supplementary protections or guidance on mitigating further risk. 

Regardless, getting them involved will be important to build your paper trail—especially if you end up in court.

As a CertifID customer, you get industry-leading protection with up to $2M in direct, first-party insurance on every verified wire through our platform. This coverage mitigates your risk and provides peace of mind for your business and clients. 

For more on insurance and tips on determining if you’re covered within your policy, check out our article, "Wire Fraud Insurance: What You Need to Know.”

Step 3: Identify and secure compromised systems (4-6 hours)

Once the proper authorities are involved, you must identify how the fraud occurred by examining all your communication channels. 

Go back through your email threads and check for phishing emails, suspicious phone calls, or unauthorized system access. 

Look closely at the email headers and sender details. If fraudsters used any sort of phone impersonation, verify the call’s source. 

And remember: document, document, document.

Once the source is determined, here’s what to do:

• For Business Email Compromise (BEC) cases: Change your passwords, enable two-factor authentication (2FA) on all accounts, and review your forwarding settings.
• For impersonation/social engineering: Update client verification protocols (like using CertifID Match at the start of every transaction to verify identities) and document the fraudster tactics so it doesn’t happen again.
• For payment system compromise: Lockdown affected platforms by changing your passwords or contacting your IT department, reviewing any recent transactions for additional suspicious actions, and ensuring secure access.

You should also be wary of a repeat attack. More often than not, fraudsters often create delays in recovery by posing as law enforcement or bank representatives. Always verify credentials independently to avoid falling for secondary schemes.

Step 4: Notify key stakeholders (6–24 Hours)

Transparency builds trust, and in moments like these, trust is everything. 

Loop in your partners, employees, and legal counsel without delay. Be upfront about what happened, outline the steps you’re taking to address it and share how they can help. 

Clear communication not only quells panic but also reinforces your leadership and commitment to resolution. Tackling the issue directly shows you’re taking charge and prioritizing accountability.

Securing your business after wire fraud: The first 30 Days

The aftermath of wire fraud is a crossroads for your business. It’s a time to rebuild trust, evaluate vulnerabilities, and reinforce your defenses. 

Consider this phase an opportunity to show clients and stakeholders that you’re serious about safeguarding their assets. 

For some, this might mean revising internal protocols (was there a simple mistake that led to the fraud?); for others, it’s about making bold changes to prevent this from happening again (creating an entirely new verification system).

Here’s how title companies and law firms should tailor their responses:

For Title Companies

As a title company, you play a crucial role in the real estate transaction. In fact, with your central role in moving and receiving funds, you’re likely the fraudster's prime target. 

What you do following a wire fraud attack is crucial. 

Here’s what we recommend:

Week 1: Stabilize operations

Start by hitting the pause button on non-essential wire transfers. It’s crucial to contain the damage and prevent further losses. 

Dive deep into pending transactions, looking for anything unusual—unauthorized changes to account details, unverified instructions, or discrepancies in communication. If needed, create new accounts to isolate the compromised funds.

Consider this a chance to reset the foundation. Though not ideal, temporary manual verification can act as a fail-safe while longer-term solutions are implemented. 

These first steps set the tone for the coming weeks and demonstrate to your clients and team that you prioritize security above all else. 

Week 2: Overhaul processes

Secure processes are the backbone of fraud prevention, and this week is about strengthening them. 

At this stage, after a write fraud incident, it’s time to introduce secure communication channels for wire instructions, such as encrypted emails or trusted wire verification solutions like CertifID, to ensure every step is airtight.

Go beyond basic adjustments by creating more rigorous escrow and closing procedures. Add checkpoints where verifications must occur to catch potential issues early. 

For example, require a second layer of verification for wire instructions involving account changes or large sums.

Prevention starts with clear, well-documented processes that eliminate ambiguity. By refining your workflows now, you’re setting your business up to stay one step ahead of fraudsters and show clients that their trust in you is well-placed.

Week 3: Train and align staff to prevent wire fraud

Fraud prevention starts with your team. 

Everyone in your organization needs to understand their role in keeping transactions secure.

Assign clear responsibilities for managing security protocols and make training a priority. People need to know the "why" behind each step—why certain checks exist, why new tools like CertifID are essential, and why vigilance matters. 

When employees grasp the stakes, they’re more likely to embrace these processes as part of their daily workflow.

Introduce hands-on exercises, like simulation scenarios, to prepare your team for real-world threats. You should also consider creating an Incident Response Plan with your team so everyone knows exactly what to do if it happens again.

To help you get started, download our free incident response plan template:

Create a culture where spotting vulnerabilities early becomes second nature. Remember, the best solutions—even user-friendly ones like CertifID—work best when paired with a knowledgeable, proactive team.

Week 4: Rebuild client trust 

It can be difficult and uncomfortable, but you need to be honest with yourself and your clients at this stage. 

Rebuilding trust is about communication. 

Let your clients know what’s changed. Send them clear, concise updates on the new measures you’ve implemented to keep their transactions safe. Transparency here doesn’t just calm nerves—it shows that you take their concerns seriously and value their trust.

Take it a step further with personalized outreach. Meet with key clients to reassure them that you’re addressing the problem and actively working to prevent it from happening again. 

When clients see that you’ve invested in secure solutions like CertifID and tightened your protocols, they’ll feel more confident partnering with you. And be sure to update your email signature with additional wire fraud warnings to remind them to be wary.

Your actions now can turn a challenging situation into an opportunity to deepen relationships and reinforce your reputation as a trusted professional.

For Law Firms

Law firms face unique challenges in protecting client assets and maintaining their professional reputations. 

Each practice area operates differently, and fraud prevention measures must reflect those nuances. However, there are several actions any firm should take to secure operations and reassure clients.

Week 1: Protect your practice

Start by auditing trust accounts and reviewing recent transactions for any anomalies. This is about showing your clients that their funds are safe and under constant oversight—not just looking for issues.

Establish emergency communication protocols to ensure your team knows exactly what to do if an incident arises. 

Securing confidential client data during this process is critical; a single oversight can undo years of built trust.

Week 2: Ensure compliance 

As a practicing law firm, compliance isn’t optional. Use this week to contact your state bar association to confirm you’re meeting all ethical and professional requirements. This can help identify and address blind spots effectively.

In addition, this is a great time to review your liability coverage to ensure it accounts for potential wire fraud. 

As covered in our Sued for Wire Fraud report, the court will most likely hold you liable if wire fraud hits your firm. Do your diligence to protect yourself and mitigate your risk with insurance.

Week 3: Tailor security measures

Every practice area has unique risks, so your fraud prevention strategy needs to match.

Take a look at your protocols and address each area's specific vulnerabilities. 

For example, real estate transactions at your firm might require extra verification layers for wire instructions. CertifID can play a key role here by streamlining and securing wire transfers, ensuring your processes are as airtight as possible.

Week 4: Restore client confidence 

Trust is hard to earn and easy to lose. As mentioned, restoring client confidence after a fraud incident requires transparency and action. 

Here are a few great ways to make sure your client knows you’ve got their security in mind:

1. Update your service agreements and any client engagement letters to reflect the enhanced security measures you’ve implemented.
2. Host security briefings or individual client meetings to explain your steps to safeguard their transactions. 
3. Once implemented at your firm, highlight how tools like CertifID verify identities and secure transactions. Show them how it works and what they should look out for.

But don’t stop there. Continue to educate your clients about the dangers of wire fraud, holding meetings, or sharing infographics to keep them informed. 

Your future roadmap to wire fraud prevention

A robust security plan requires continuous improvement. Building on the immediate steps and the changes you’ve already made, this is your opportunity to refine processes and stay proactive.

The goal in the following months is to tie together the tools, training, and trust you’ve established to create a system that deters fraud and strengthens your relationship with clients and transaction partners.

Here’s how to do it over time:

Months 1–3: Immediate protections

The first few months are about foundational fraud prevention.

Now, it’s time to deploy reliable wire verification solutions to protect your transactions and recover quickly when issues arise. 

If you haven’t already, review your cyber insurance policies and consider the benefits of first-party insurance like CertifID’s $2M direct coverage.

This is also the time to create a custom incident response plan that outlines clear steps for minimizing losses during an attack. 

Not sure where to begin? Check out our guide, "How to Build an Incident Response Plan for Wire Fraud Recovery,” or watch our video below for tips:

In all instances mentioned above, train your staff thoroughly, so they know how to act confidently and decisively.

Months 4–6: Strengthen processes

At this stage, it’s time for an audit.

By six months, you should take another look at your security protocols to address gaps you’ve identified over the last few months. 

For example, take a closer look at who has access to sensitive systems and whether your fraud detection tools are detecting suspicious activity. If something isn’t working, now is the time to make changes and close those loopholes.

Train your team with real-world examples. Go over common scams that are targeting your industry right now, and role-play scenarios to practice responses. This hands-on approach helps your staff feel confident when they spot something suspicious. 

At the same time, use this opportunity to educate your clients about fraud risks. Simple tips, like double-checking wire instructions in trusted platforms like CertifID, go a long way.

Months 7–12: Maintain vigilance

After six months, it’s all about momentum. 

Keep the momentum going by scheduling regular security assessments. Cybercriminals are always evolving, and your defenses need to keep up, too. Use these check-ins at month seven to ensure your processes and tools are still effective and compliant with regulations.

Also, talk to your clients during this time. Ask about their concerns, share updates on the security measures you’ve implemented, and remind them of how you’re protecting their transactions. The pain and stress of wire fraud don’t go away easily.

Make sure wire fraud never happens again

Wire fraud is a tough lesson, but it can drive meaningful change for any business. 

If wire fraud strikes, our best advice is, "Don’t just be a squeaky wheel. Be a tornado siren." Your advocacy and vigilance—for yourself, your business, and your clients—can make a difference in recovery efforts and future prevention.

At CertifID, we offer comprehensive solutions to secure your transactions and restore client confidence. Request a demo to see how we can help safeguard your business from the growing threat of wire fraud.

‍