Financial Fraud Impact Assessment

1. Prerequisites

• Confirmed or suspected BEC incident
• Access to affected communications
• Access to Finance stakeholders
• Access to vendor management records
• Investigation timeline established

2. Step-by-Step Instructions

1. Identify Fraud Scenario

   • Determine:
     • Payment fraud
     • Payroll fraud
     • Vendor fraud
     • Invoice fraud

2. Identify Affected Parties

   • Identify:
     • Employees
     • Vendors
     • Customers
     • Partners

3. Review Fraudulent Communications

   • Analyse:
     • Emails
     • Attachments
     • Payment instructions

4. Determine Financial Exposure

   • Identify:
     • Requested transfers
     • Completed transfers
     • Pending transactions

5. Review Banking Information

   • Identify:
     • Fraudulent account changes
     • Vendor banking modifications
     • Payroll modifications

6. Coordinate with Finance

   • Confirm:
     • Transactions completed
     • Transactions blocked
     • Recovery opportunities

7. Assess Business Impact

   • Determine:
     • Financial loss
     • Operational impact
     • Regulatory implications

8. Assess Recovery Opportunities

   • Determine:
     • Recall opportunities
     • Bank notifications
     • Fraud investigations

9. Document Findings

   • Prepare impact summary.

10. Escalate and Hand Off

    • Provide findings to leadership and recovery teams.
    • Update the incident record.

3. Post-Action

• Preserve supporting evidence.
• Document financial impact.
• Track recovery actions and outcomes.

Contributor

Vishal Thakur
GitHub: https://github.com/malienist

Contributed to the Arcana Incident Response Documentation Framework.