Protecting Your Money: How to Prevent Wire Transfer Fraud
Download MP3Overview: A discussion on the rise of financial fraud due to misdirected wire transfers, particularly in real estate transactions and business purchases.
Key Points:
- Hackers targeting email systems of companies involved in financial transactions, including title companies, home inspectors, contractors, and even fire departments.
- The scam: Hackers gather transaction details (e.g., in real estate closings) and send fraudulent wire transfer instructions, making it appear as if they are legitimate emails from trusted sources.
- Example: A fire department lost funds meant to pay for a new fire truck due to a misdirected wire transfer to a hacker.
How It Happens:
- Hackers monitor email chains of transactions, noting details such as closing dates, amounts, and involved parties.
- When the timing is right, they send fraudulent payment instructions to the buyer, often mimicking official emails.
- The unsuspecting buyer sends the money, only for it to be stolen and sent overseas.
Preventive Measures:
- Always conduct a test payment before sending large sums via wire transfer.
- Send a small amount (e.g., $100 or $50) to verify the recipient’s information before transferring the full amount.
Why It Matters:
- Failure to prevent these scams could result in losing large sums of money, such as down payments on homes or business purchases.
- Example: A fire department lost years of savings meant to purchase critical fire equipment, putting their community at risk.
Additional Resources:
- Visit verifyescrow.com for a free checklist and instructions on how to safely conduct large transactions.
- Consult the Actual Human division for live, one-on-one consultation with experts on fraud prevention, real estate, and other related fields.
Call to Action:
- Protect your transactions—always verify payment details and consider sending a test payment.
- Reach out for live consultation and more expert advice at Actual Human or visit verifyescrow.com.
Closing:
- If you have any questions or comments about this video, leave them below. Remember, live consultation is available for more in-depth advice and expert guidance in various fields.
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