--- title: SOCIAL ENGINEERING FRAUD SKYROCKETS description: Protexure Accountant's Blog provides practical advice for small cpa firms. Learn more about how Protexure can help your firm avoid social engineering fraud. image: https://blog.protexure.com/hubfs/Protexure%20Photos/security.png --- - [888.803.9898](tel:888.803.9898) - [Career Portal](https://protexure.com/jobs/) - [Member Login](https://www.protexure.com/AccountantIns/accountrep.jsp?__hstc=138736684.6cbccdc9da0c301217e7cbe2a5b3ff1d.1537449658888.1554311435074.1554384323430.91&__hssc=138736684.2.1554384323430&__hsfp=2388418190) Toggle navigation [![](https://blog.protexure.com/hubfs/Protexure%20Accountants%20Blog/protexture-accountants-447x65.svg)](https://protexureaccountants.com) - Why Choose Protexure Accountants? - [Overview](https://protexureaccountants.com/why-choose-protexure-accountants/) - [Professional Liability Assessment](https://protexureaccountants.com/professional-liability-assessment/) - [Protexure Policy Features](https://protexureaccountants.com/protexure-policy-features/) - [FAQs](https://protexureaccountants.com/faqs/) - Professional Liability Insurance - [Overview](https://protexureaccountants.com/professional-liability-insurance/) - [Understanding Your Policy](https://protexureaccountants.com/understanding-your-policy/) - [Common Misconceptions](https://protexureaccountants.com/common-misconceptions/) - [Claims](https://protexureaccountants.com/claims/) - About Us - [About Us](https://protexureaccountants.com/about-us/) - [Our Team](https://protexureaccountants.com/about-us/our-team/) - [Contact Us](https://protexureaccountants.com/contact-us/) - [Learning Center](https://blog.protexureaccountants.com) - [888.803.9898](tel:888.803.9898) - [Career Portal](https://protexure.com/jobs/) - [Member Login](https://www.protexure.com/AccountantIns/accountrep.jsp?__hstc=138736684.6cbccdc9da0c301217e7cbe2a5b3ff1d.1537449658888.1554311435074.1554384323430.91&__hssc=138736684.2.1554384323430&__hsfp=2388418190) # SOCIAL ENGINEERING FRAUD SKYROCKETS --- [Back](https://blog.protexure.com) [Pat Cosulich](https://blog.protexure.com/author/pat-cosulich) April 20, 2016 1 min ***Do you have the protocols in place to safeguard your small firm?*** ![cyber security for small cpa firms](https://blog.protexure.com/hs-fs/hubfs/Protexure%20Photos/security.png?width=744&name=security.png "cyber security for small cpa firms")Manipulation Impersonation Exposure or Social Engineering Fraud is the latest global cyber threat. Anyone can be a target, with the stakes ranging from a loss of several hundred dollars to millions in cash or inventory. Fraudsters reach out to unwitting employees posing as CEOs, vendors and customers, research their behavior and benignly hack into emails.  Such attacks are increasing at an alarming rate. Make sure you have the right [protocols](https://protexurelawyers-3334505.hs-sites.com/social-media-policy-download) in place. You do not have to be the next victim if you follow these [best practices](https://protexurelawyers-3334505.hs-sites.com/15-risk-management-best-practices-to-avoid-accounting-malpractice): - Develop procedures to authenticate the transfer of funds - Apply similar procedures to verify the authenticity of customers and vendors - Determine who within your firm has the authority to move funds on request - Implement an encryption system for emails - Change passwords every 60 – 90 days - Determine types of exception protocols and put controls in place - Understand lessons learned from past loss and claims experience - Train employees (especially executives who are primary targets) in appropriate policies and procedures Remember to check the next time someone internally or externally asks to transfer funds.  Call the person to confirm the transaction – and remember that a phone call is the best practice to avoid social engineering fraud. This valuable information has been specially developed by Protexure, a highly-rated, low-cost professional liability insurance [program](https://blog.protexure.com/blog/professional-liability-insurance-policies-are-no-longer-plain-vanilla) specializing in small firm risk protection. Find out more about our risk management program, and our policyholder hotline, at [www.protexure.com](http://www.protexure.com). ### Categories - [Risk Management & Practice Protection (9)](https://blog.protexure.com/topic/risk-management-practice-protection) - [Industry Trends & Regulations (6)](https://blog.protexure.com/topic/industry-trends-regulations) - [Cybersecurity & Technology Risks (2)](https://blog.protexure.com/topic/cybersecurity-technology-risks) ### Content Type - [Articles](https://blog.protexure.com/topic/articles) - [Resources](https://blog.protexureaccountants.com/) - [Videos](https://blog.protexure.com/topic/videos) ## Get A Risk-Free Quote Today If a claim is made against you by a client, your professional liability insurance comes to your defense. Also known as “errors and omissions” insurance, it protects you from the threat of ruinous legal bills and defends your firm. No practicing accountant should be without it. [Get a Quote](https://portal.protexureaccountants.com/AccountantIns/qqinsured.jsp) ### Categories - [Risk Management & Practice Protection (9)](https://blog.protexure.com/topic/risk-management-practice-protection) - [Industry Trends & Regulations (6)](https://blog.protexure.com/topic/industry-trends-regulations) - [Cybersecurity & Technology Risks (2)](https://blog.protexure.com/topic/cybersecurity-technology-risks) ### CONTENT TYPE ### Content Type - [Articles](https://blog.protexure.com/topic/articles) - [Resources](https://blog.protexureaccountants.com/) - [Videos](https://blog.protexure.com/topic/videos) ## Get A Risk-Free Quote Today If a claim is made against you by a client, your professional liability insurance comes to your defense. Also known as “errors and omissions” insurance, it protects you from the threat of ruinous legal bills and defends your firm. No practicing accountant should be without it. [Get a Quote](https://www.protexure.com/AccountantIns/quickquote.do) ### [Pat Cosulich](https://blog.protexure.com/author/pat-cosulich) As Chief Information Officer of Protexure Insurance Agency, Pat Cosulich is responsible for developing a systems platform to provide superior service to small to mid market firms. Prior to joining Protexure, Pat was Vice President of Insurance Business Development for Outline Systems Inc., a specialty insurance software provider. In over 20 years with CNA, she was responsible for developing specialty web platforms, as well as policy and claims systems. In addition to significant experience in systems development, Pat has a deep understanding and expertise in Professional Liability. 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