One Step Ahead: The fund administrator’s role in protecting funds and their investors against wire fraud and Business Email Compromise (“BEC”) Scams
Hackers and Scammers are a creative breed of criminal. They leverage a deep understanding of technology and pair this with increasingly sophisticated strategic approaches that seek to fool even the most diligent of individuals into facilitating wire fraud. As it stands today, they are winning, the FBI reported that BEC scammers have extracted an eye watering $3bn from their victims since 2013.
Victims range from individuals, to mom and pop business and all the way up to some of the largest most technologically advanced firms on wall street. With over $3tn dollars in the global hedge fund space, it’s no surprise the scammers and fraudsters have turned their attention to our industry, with recent breaches being widely publicized.
Read the full whitepaper from Christian Pollard, SVP Head of Shared Services at Opus Fund Services: One Step Ahead