Would your team catch a fake wire instruction?
A checklist for the payments construction and real estate firms move every week: closings, draws, progress payments and subcontractor invoices. About ten minutes, no form to fill in.
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See all 15 questions
Payment changes
- Is every change to bank details or wire instructions confirmed by phone before it's used?
- Does that rule apply to everyone, including subcontractors, suppliers, title companies and clients?
- Does it take two people to approve a large wire or ACH payment?
- Do you tell clients and buyers how you'll send wire instructions, and that you'll never change them by email?
Email accounts that handle payments
- Is multi-factor authentication on for every email account?
- Do you check email accounts for forwarding rules nobody set up on purpose?
- Would you notice a sign-in to a payment-handling mailbox from an unusual location?
- Is access removed the same day someone leaves?
The first hour
- Do you know who to call first if a payment goes to the wrong account?
- Do you know how to report it to the FBI?
- Is there a written plan for a payment fraud incident?
- Does your cyber insurance cover funds transfer fraud?
Partners and vendors
- Do you keep verified contact details for every subcontractor, supplier and title partner you pay?
- Have you asked your key partners how they protect their email?
- Do you use a secure portal for sharing sensitive documents and payment details?