Protection Against Wire Fraud

Dated: 11/16/2018

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Wire fraud is financial fraud that uses electronic communications to obtain money.  Sometimes the fraud involves only a few thousand dollars, but it can be hundreds of thousands of dollars.

Wire fraud can occur when a scammer gets money based on a false presentation, promise or lie.  For example, when closing on your home, you may receive wire instructions that appear to be from the settlement agents or attorney. In reality, the instructions are sent from someone wanting to scam you out of your closing cash.

It’s vital to take precautions to protect yourself from these fraudsters.   The FBI has commented that , attempts at wire transfer fraud are increasing each and every year.  In fact, the number of business-email compromise cases with wire transfer requests through fraudulent emails doubled from May 2016 to December 2016.

Here are some ways to avoid wire fraud that we found in on line articles.

  • Never share online banking logon credentials with anyone.

  • Monitor all of your accounts regularly (daily if possible) for any unauthorized transactions. If you do see one, report it to your bank immediately.

  • Don’t share your account number with anyone who does not need it.

  • Watch for official looking emails and mail.

  • Ask your closing agent about any scams that they have heard about recently.

  • Never, ever access a bank account on a public computer.

  • Be vigilant and suspicious of emails from free, public email account domains, as they can be a source of risk.

  • Watch out for phishing emails that include embedded links, even when they appear to come from a trusted source.

  • Install a computer firewall to prevent unauthorized access.

  • Be skeptical of any changes in wiring instructions.

  • Confirm on the phone any wire or other disbursement instructions that are received via email. Make sure that the number you call is a known or independently confirmed number, not the telephone at the bottom of the email.

Remember, you can’t be too careful! It’s okay to check, double check and even triple check wire transfer information. You may even consider going to the bank in person to ensure that the wire transfer happened, rather than emailing.

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Eric Bengel

I am extremely excited to be working with American Destiny Real Estate. I have lived in the Pittsburgh region my entire life, so I know all of the unique neighborhoods our region has to offer. I kno....

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