Wire fraud is one of the fastest-growing cybersecurity threats in the Alberta construction industry, with single incidents often ranging from $20,000 to $250,000+ per transfer. Because construction companies process large vendor payments quickly, attackers target accounting teams through compromised Microsoft 365 accounts and impersonation tactics. Companies with structured email security and financial controls reduce successful fraud attempts by 60–75%.
Here’s how prevention works.
1. Multi-Factor Authentication (MFA)
MFA blocks most account takeover attempts.
All financial and admin accounts should require:
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App-based authentication
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Conditional access policies
2. Email Impersonation Protection
Advanced filtering detects:
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Domain spoofing
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Display name manipulation
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Vendor impersonation
3. Financial Verification Policy
Require:
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Dual approval for wire transfers
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Verbal confirmation of banking changes
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Documented payment change process
4. Role-Based Access Controls
Limit who can:
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Modify vendor records
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Change banking details
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Access payment systems
5. 24/7 Monitoring for Account Compromise
SOC detection identifies:
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Impossible travel logins
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Suspicious inbox rules
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Abnormal email forwarding
Real Alberta Example
A 48-employee construction firm nearly transferred $110,000 to a fraudulent vendor account.
Because they had:
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MFA enabled
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Conditional access
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Wire verification policy
The fraud attempt was stopped before funds were released.
Trust Signals
Choose an IT provider that:
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Monitors Microsoft 365 24/7
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Implements financial security policies
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Provides security awareness training
In construction, fraud prevention is operational protection.