Company Wire Fraud Scam: How to Recover Funds and Respond Quickly
- Neil Hare-Brown
- Apr 18
- 3 min read
If your business has sent funds to a fraudulent account — often following a fake invoice, payment request, or CEO impersonation — it’s important to act quickly.
Wire fraud is one of the most financially damaging forms of cybercrime, but if caught early, there’s still a chance to recover the money.
This guide outlines the steps you can take immediately, and how STORM Guidance can support your business through the recovery process.
Step 1: Alert Your Cyber Incident Response (CIR) & Fraud Investigations Team
If your business has access to cyber or fraud incident responders:
Alert the CIR and/or fraud investigations team immediately
Such a team may be available internally, as experts on retainer or via your insurers
Follow their guidance on containment, investigation and recovery activities
Ensure that all relevant counterparties are advised to your responders
Step 2: Contact Your Bank Immediately
Call your bank’s fraud or security team without delay
Explain that the payment was made in error due to fraud
Provide all transaction details: amount, date, recipient account number, and sort code or SWIFT/BIC
Request an urgent recall of funds and have the bank raise a fraud alert with the receiving bank
Speed is critical — recovery chances drop sharply after the first few hours.
Step 3: Report the Fraud to Law Enforcement
In the UK:
Report the incident to Action Fraud at actionfraud.police.uk or by calling 0300 123 2040
You’ll receive a crime reference number which may assist with banking recovery or insurance claims
Elsewhere:
In the US, report to the FBI’s Internet Crime Complaint Center (IC3)
Use local cybercrime reporting authorities depending on your jurisdiction
Reporting is important for investigation and insurance validation — even if recovery is unlikely.
Step 4: Notify Internal Teams
Let key internal stakeholders know:
Finance and accounting – to freeze or review other pending transactions
IT/security – to investigate whether this was linked to email compromise or phishing
Legal/compliance – to review contracts, reporting obligations, and mitigation steps
Leadership – for visibility and support in coordinating response
Step 5: Check for Ongoing Compromise
Wire fraud is often linked to business email compromise (BEC) or phishing. Your IT/security team should:
Review the email thread leading to the payment
Check for signs of account compromise or mailbox rule changes
Investigate whether similar messages were sent to other staff or clients
If credentials have been stolen or email accounts accessed, further action is needed to secure the environment.
Step 6: Review Contracts and Insurance
Check your cyber insurance or business crime cover — some policies may support fraud recovery
Review supplier and client contracts for notification obligations
If the fraud involved impersonation of a supplier or client, let them know immediately
If the attacker is continuing to send emails or making follow-up demands, avoid responding directly.
STORM Guidance can support threat actor engagement in cases where communication continues post-fraud, including assessing threats and managing risk.
Step 7: Educate and Protect Your Team
Wire fraud scams are often emotionally manipulative and time-sensitive. After the immediate response:
Review internal payment authorisation processes
Provide training on common red flags (e.g. urgent tone, change of bank details)
Consider a two-person sign-off for financial transactions above a certain threshold
Preventing a repeat incident is just as important as responding to this one.
How STORM Guidance Can Support Your Business
✔ Immediate support in the aftermath of a wire fraud event
✔ Liaison with law enforcement, banks, and regulators
✔ Investigation into how the fraud occurred (phishing, BEC, impersonation)
✔ Guidance on recovery attempts, insurance claims, and communications
✔ Support to improve financial controls and prevent future incidents
Wire Fraud Doesn’t Always End When the Money Moves
While not every scammed payment can be recovered, acting fast gives your business the best possible chance.
And even when funds can’t be clawed back, the right response can protect against legal exposure, reputational damage, and future attacks.
STORM Guidance is here to help your organisation take back control — from incident response and forensic investigation to legal coordination, insurance support, and, where needed, safe engagement with threat actors still in contact.
