Comprehensive and Detailed In-Depth Explanation:
Updating wire transfer processes to include verification steps (such as requiring dual approval or verifying account changes via a secondary communication method) canprevent fraudulenttransactions. Attackers often use business email compromise (BEC) or pretexting to trick employees into transferring funds to fraudulent accounts.
Standardizing security incident reportingis useful for tracking security events but does not prevent fraud in real time.
Executing regular phishing campaignsimproves awareness but does not enforce a verification process for financial transactions.
Implementing insider threat detectionfocuses on internal risks but does not specifically prevent external fraud.
Amore secure wire transfer processwith additional verification steps is the most effective measure against fraudulent transactions.