Wiring money is like sending cash: Once you’ve sent it, it’s gone. It is very difficult to retrieve – in fact, more difficult than recovering physical dollar bills. For businesses, always call the recipient to verify ACH details before sending; this is required by law in 50 states. This law does not require calling, but if the sender’s or recipient’s email is hacked, calling will help prevent the hacker from changing ACH details in a hacked email account. If wire fraud takes place due to a security breach, such as a hacker infiltrating your account and initiating a wire transfer, you may have protection. Reputable financial institutions will generally cover your losses in the case of a cyber attack. Recoverability is dependent, however, […]