Rupp Pfalzgraf Controller Terry Kosmowski used to leave the office a bit anxious after a day’s work — particularly when that day involved any transferring of funds via wire.
Law firm clients typically prefer wires over checks because it’s immediate, but the traditional methods of receiving banking and routing information over the phone or email are uncomfortably insecure.
"When I first stepped into this role and I had to start working with wires, I was highly anxious about it,” Kosmowski said. “There were so many risks involved that it kept me up at night.”
In a proactive step to safeguard the firm’s and its clients’ assets, Rupp Pfalzgraf was one of the early adopters of WireVault’s data security software late last year.
Since then, COO/CFO Dominick Muto says the attitude toward wires has completely flipped. Those at the firm now encourage their peers and clients to use WireVault, which provides a single interface to securely collect, store and share sensitive information.
“Before WireVault, in most law firms — ours included at the time — we would verify our instructions over the phone, so we would communicate with someone that we’ve likely never talked to before to verify account and routing information, ” Muto said. “WireVault gives me confidence that when we send a wire — whether it’s to a client or to a law firm — that it will be delivered to the recipient that it was intended for.”
With WireVault, Rupp Pfalzgraf has been able to improve its internal processes at all seven of its offices throughout New York State.
There is no longer a need to print out forms or exchange information via channels that are easily breached by cybercriminals. The info is provided directly from the parties involved, and that data is stored on a private blockchain that can only be viewed by authorized users after two-factor authentication.
“With the ongoing threat of cyber issues in our industry and all industries, frankly, I think if we don’t adapt, we’re going to be in a place where we’re at risk, ” Muto said. “WireVault provides a solution that’s seamless to adapt.”
Kosmowski, one of WireVault’s most active users, says the new sense of security is passed along to clients. She thought that some might be nervous to try a new software, but when the firm sends a signup document explaining how it’s helping them, the ease of use and what to expect, there has been no hesitancy.
“What we were doing before feels a little rudimentary at this point, ” Kosmowski said. “We had good practices in place to try and mitigate the risk, but it’s night and day. I feel good when I get to send people information about WireVault. It’s wonderful.”
