The Wire Fraud Epidemic and How to Protect Your Firm

Wire fraud is no longer an obvious, easy-to-spot scam. The reality today is much more sophisticated. In this episode of the Advisor Turntable Podcast, Brendan Ryan talks with Michael Brice, founder of BW Cyber, about the growing epidemic of wire fraud targeting financial firms, advisors, and even individual investors. In addition to working with advisors and asset managers through BW Cyber, Michael works with the FBI and other government agencies on cybersecurity investigations and has seen it all. He shares real-world examples ranging from compromised email threads to AI-generated voice cloning and deepfake video calls being used to manipulate wiring instructions. One of the more reassuring takeaways from the conversation: most wire fraud is not really a technology problem — it’s a human one. And in many cases, relatively simple verification procedures and operational controls can dramatically reduce risk.As AI continues making digital communication harder to trust, this is becoming an increasingly important operational issue for advisors and firms to understand. The cost of improving these processes is often insignificant compared to the financial and reputational damage one successful scam can cause.Learn more about BW Cyber: https://www.bwcyberservices.com/about-us/ This material is provided for informational purposes only and does not in any sense constitute a solicitation or offer for the purchase or sale of securities nor does it constitute investment advice for any person or a recommendation to take any action. Investment themes and individual securities mentioned may or may not be held in any or all client accounts. The material may contain forward or backward-looking statements regarding intent, beliefs regarding current or past expectations. The views expressed are subject to change based on market and other conditions. The information presented in this report is based on data obtained from third party sources. Although it is believed to be accurate, no representation or warranty is made as to its accuracy or completeness.The views and opinions expressed throughout this presentation are those of the presenter as of date the podcast is episode is published. The opinions or outlooks may change over time with changing market conditions or other relevant variables.Some of our podcast guests may be clients. There was no compensation exchanged for their participation.