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How to Avoid Wire Transfer Fraud

  • By: Garry Feldman
  • Date: June 8, 2018

Wire transfers are among the most efficient ways to transfer money to anywhere in the world. It’s easy and fast, so you can count on the necessary funds going exactly where you want them in no time. With the rising prevalence of cyber criminals, however, wire transfers aren’t as secure as they used to be.

 

With the threat of cyber crime and wire transfer fraud looming over your transaction, you need to take a moment and think before you push any money through. Wire transfers are fast, but they’re also final, so make sure you protect yours with enhanced verification procedures. Learn how to avoid wire transfer fraud, and discover what it takes to keep your transactions safe.

Business Email Compromise

If you make wire transfers as part of your job, you could be the target of business email compromise. As the name suggests, this is a cyber crime practice in which the criminals will pose as actual businesses by using compromised email addresses. Even if you don’t work professionally with wire transfers, these scammers can also sometimes pose as relatives, friends or anyone else you might reasonably send money to under certain circumstances.

 

Cyber criminals plan these scams incredibly well, seizing a business email address while the owner is on a business trip or vacation. For an even more realistic scam, they sometimes spoof the email and make your reply get sent somewhere else entirely through a process called header manipulation. In short, they go to great lengths to make these wire transfer requests seem legitimate, but that doesn’t mean you won’t be able to spot them.

How to Spot a Scam

While wire transfer fraud can be incredibly realistic, there are still a few ways you can verify authenticity before you transfer the money. The first thing you need to do is check the email address. Sometimes, scammers won’t bother seizing a legitimate email address. Instead, they’ll simply create an email address that’s similar, so always check for spelling. If you work for a business, you should be able to reference the legitimate email address for comparison.

 

One of the safest ways to ensure your transfer is legitimate is to simply call the person you’re transferring money to. Verification is virtually certain when you can hear their voice or see them on a video chat. The best way to make sure it’s legitimate is to have an in-person meeting, but that’s often impractical for business matters across great distances. Remember, if the person you’re dealing with is unavailable for a phone call or video chat, you should be suspicious.

Protecting Your Own Business Email

Spotting scams is only half the battle here. If your email is often on the receiving end of wire transfers, there are steps you can take to make sure it’s secure. The most obvious practice is to never give out your credentials to anyone. Use a unique, strong password that you don’t use anywhere else. Add extra verification such as security questions as well. You should also make sure not to open any attachments or follow any links in an email unless you’re sure you know where they lead and who the sender is.

Preventing Wire Transfer Fraud With U.S. Computer Connection

You know how to avoid wire transfer fraud, but putting it into practice can be tough. For cyber security you can count on, U.S. Computer Connection has got you covered. We can provide as little or as much IT support for your business as you want. Our computer experts have kept up with the latest advances in technology to help protect your money from wire transfer fraud and other cyber crime threats. Contact us today to learn more about everything we can offer you.

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