Imagine you're in finance and receive an urgent email from the CEO: “Send a $10,000 wire transfer immediately.” It looks real, with the correct email signature and language, but is it correct? In cybersecurity, especially regarding financial transactions, “trust but verify” is a crucial safeguard. Impersonation, or spoofing, is an increasingly common tactic that capitalizes on urgency, hoping employees will act fast and skip verification steps.
Why Trusting Alone Isn’t Enough
Spoofed emails often imitate trusted sources like CEOs or CFOs. Without a verification step, it’s all too easy for these fraudulent requests to slip through. Since hackers use urgency and authority to bypass natural skepticism, establishing a verification culture helps ensure that all high-stakes actions, like financial transfers, go through a second checkpoint before completion.
Trust-but-Verify Steps for Financial Requests
- Use Alternate Communication Channels: If the request comes via email, confirm it through a different method, such as a phone call, Teams message, or face-to-face confirmation if available. The multi-step process reduces the risk of falling for an impersonated email.
- Verify by Phone: Start by calling the requester’s work extension. Cell numbers can sometimes be spoofed, so it’s best to avoid using mobile numbers for critical verification. If the request still seems off, try escalating to a second verification level, like involving another executive in the chain.
- Face-to-Face Confirmation: When possible, visit the requester’s office to confirm in person. While this may seem old-fashioned, it’s often the most effective safeguard in fast-paced, high-stakes situations.
Guard Dog Analogy
Think of verification like a trained guard dog. A guard dog doesn’t just rely on sight to recognize a visitor; it also uses its nose, ears, and instincts to confirm that everything checks out. Similarly, employees should use multiple “senses”—such as confirming through other communication channels, double-checking the tone and details, and trusting their intuition—to verify any financial or sensitive request. This “trust but verify” approach adds layers of security, blocking imposters before they get through the “door” and safeguarding your organization from fraudulent activity.
