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The newest pattern of defrauding a company or organization developed by fraudsters and scammers is wire transfer fraud. The Federal Bureau of Investigation (FBI) discovered that more scams are done via wire transfer. In 2021, the FBI reported that businesses lost more than $6.9 billion to cybercrime.
The wire transfer happens when a scammer sends a fake email or reproduces your website to deceive people. The scammer sends the email to your contact list pretending to be you. The aim is to collect money from unsuspecting customers.
Read and learn how to protect your business against bank wire transfers.
Learn the scam warning signs
One of the scam signs is an unexpected request for a money transfer. Before
sending money, find out if the wire transfer request is legitimate. Assuming you
are the MD, confirm with the accounting department if they know of any transfer
requests. Also, some unscrupulous investment scams offer high profits for doing little or nothing.
Avoid such investments, especially if they involve foreign real
estate or cryptocurrency.
Don’t be rushed
One of the antics scammers use is to rush you to make a wire transfer. They
make the transfer seem urgent and will cost you something if you don’t do it
immediately. Go slow with any wire transfer, especially if it is unexpected.
Meanwhile, you need to verify the authenticity of the wire transfer request. If the
request is urgent, wait two or more days before you do.
Use a trusted service
One way to do this is to make sure that you are always using a trusted service. That might sound obvious, but it’s really important and it does make a huge difference. If you are going to Send money to Jamaica online, for instance, you’ll want to make sure you are using the right service for that. This helps avoid most fraud.
Double-check the recipient
Remember that wire transfer is irreversible, so it requires caution. One safety tip
is to double-check the recipient of the money. Check if the recipient is someone
you know or have transacted with before.
If you have doubts, stop
Any doubt may mean you are not supposed to do that wire transfer. Doubt means
you should cross-check the wire transfer and contact your bank. You can contact
a financial advisor to learn more about wire transfers. Use modern technologies
like encryption to protect from wire transfer fraud .
Conclusion
A wire transfer scam can financially ruin your company. Cross-check every wire
transfer with your bank or financial team.
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