06 Jun Protect yourself Against Wire Scams
Challenge:
Want to Protect Yourself Against Wire Scams?
Solution:
Follow these Steps and Familiarize yourself with common scams!
Steps to take:
Protect Yourself Against Wire Scams
– Only wire money to people you know or recipients you have verified.
– Verify ALL wire requests that you receive by calling to confirm wire instructions when wiring money or funding an investment.
– Never wire money to a stranger who says they work for a government agency (like the IRS) or a well-known company (like Amazon).
– Wiring money is like sending cash – once it’s gone, you probably cannot get it back.
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You may be the target of a scam if the requestor:
– Sends you wire instructions via email or text (ex. Loan closing – always verify details by phone)
– Contacts you unexpectedly
– Claims there is an emergency and must pay immediately
– Has typing or grammatical errors
– Only accepts payment via wire, gift cards, or crypto currency
– Tells you to “keep it secret” or instructs you “how to answer questions at the bank”
– Makes an offer that sounds too good to be true
– Asks for your personal information
– There is little to no organization, structure, or standardized professional process
– Is unable to answer any requests for verification due to technology or distance
Known Common Wire Scams
Family Emergency
“Grandma, I’m in trouble – I need money fast.”
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Amazon Scam
“Someone is attempting to buy a $1,000 iPhone on your account.
Call us back at 123-456-7890.”
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Imposter
“I’m with the IRS, and you owe back taxes. If not paid immediately, a lawsuit will be filed against you.” or “This is Amazon, and we need you to verify an iPhone purchase on your account.”
Investment Opportunity
“This is once-in-a-lifetime opportunity with a big payout!”
.
Overpay“
“We’ve paid you too much, can you wire the extra $500 back to us?
.
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Apartment Rental
“This low price is only available today. Wire over $1,000 for the first month’s rent and security deposit to lock in the low rate!
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