Commercial Investment Real Estate March/April 2017 | Page 17

allow the IT department to take proactive measures to ensure that other employees are aware of the attempts to infiltrate the system and a loss can often be avoided. Many companies use a centralized email address to which associates can forward these suspect emails for further evalua- tion by the IT Group. Once companies identify the fraudulent email sources, they can be eliminated from ever attempting another scam. Launch and uphold new processes. This calls for collabo- ration across all company departments, so that all assets are accounted for and properly protected. Some new processes that companies should implement: update computer passwords every 45 days with a combination of letters, numbers, and punctuation marks; properly encrypt all company laptops; and communicate new procedures to all employees. Implement Checks and Balances Businesses should also validate every wire transfer request with a telephone call in addition to an email, require two or even three approvals before a wire transfer can be initiated, and review all wire transfers for suspicious activity. Red flags would include the request to change account numbers, expedited requests, and unusual amounts requested. Any changes to the normal routine should require further scrutiny to ensure the request is legitimate. Dual control or the separation of duties can protect a company against fraudulent requests. Having two sets of eyes on every wire transfer is better than one. One crucial education tactic is hiring companies that run pen- etration tests and try to hack into the companies’ system. This will allow companies to see if their organizations are vulnerable and will educate their employees to see where their systems may have weaknesses. Before running a penetration test, make sure to check with the insurance company to see if they offer a discount. Commercial real estate professionals and their clients must be aware that wire transfer scams are extremely convincing. Many sophisticated real estate companies have been duped. No one in the commercial real estate industry should think that they are too smart to be scammed, and no company should assume that they are too small to be on these hackers’ radars. Wire transfer scams are pervasive, realistic, and constantly evolving. Greg Cryan is regional president of CBIZ Insurance Services in the greater Atlanta area, one of the country's largest publicly owned property and casualty insurance brokers. Contact him at [email protected]. CCIM DESIGNEE CHECKLIST Leverage the power of the CCIM brand. Add “CCIM” as a certification on LinkedIn Link to the What is a CCIM page from your email signature Wear your CCIM pin every day Use the CCIM logo on all marketing collateral Share CCIM content, including CIRE magazine articles Visit CCIM.com to share content, download logos, and find links. CCIM.COM March | April 2017 15