Wire transfers provide a quick and easy way to transfer money. They are pretty standard in the real estate business and for sending money internationally. The process creates conveniences for many. But, where there is a pro, a con often exists. With this method, the downside is the growing wire fraud.
Understanding wire fraud:
In case you’re wondering, what is wire fraud? We’ve got you covered. Wire fraud is a cybercrime that creates loopholes in the transaction process to deceive the people involved in the transaction and get a hold of their money. There are a dozen ways cyber thieves make use of wire fraud. Some of the most common methods use emails to bait a user into giving up information about their account to the fraudster while thinking it’s a part of the normal process.
How can I protect myself against wire fraud?
Precaution against wire fraud is crucial, and these five tips will keep you safe.
Make phone calls:
Through every step of the process, make sure to confirm all transactions on the phone. If you’re looking to buy a property and receive an email from your real estate agent asking you to transfer the money asap, don’t do it without confirming. Make sure you take the time to call them and go over the email details; if they match, then you’re good to go. If not, then it’s probably a fraudster trying to get your details.
Secure your email:
Fraudsters often try to hack into your email and access your details. Adding an extra layer of security to your account through two-factor authentication can prevent this. With two-factor authentication, even if the hacker surpasses your password, they won’t be able to access your account until they know the activation code. Hence, if someone’s trying to mess with your account, you’ll be informed, and quick action can be taken against them.
If you receive an emergency email asking you to rush to someone’s aid or help a family member out of a hazard by paying a large sum of money, it could very well be a fraudster. Make sure to double-check with the people mentioned in the email if they genuinely require the help or not.
Don’t give into suspicious emails:
Many people receive emails congratulating them for winning a contest or a lucky draw. Such emails are usually ploys to get your information. You should always check if they are tied to an organization or not and if that is the case, call the organization to verify the details.
Go over your bank statements:
Regularly keeping a check of your bank statements will also help you stay secure. This vigilant practice will come in handy if anyone ever withdraws money from your account without your consent. You can easily trace the problem this way.
Wire fraud is a criminal offense, and it causes a lot of tension and despair for many people. Every citizen should have basic knowledge on how to avoid the problem and make transactions smoothly and safely.