Wire transfers are a great way to send money, both locally and around the world, with many controls put in place by both the sender and the receiver. However, there are people out there who are skilled at financial fraud. You can protect yourself against wire fraud by following these five these easy tips.
1. Use Two-Step Authentication For Your Email
Two-step verification helps protect your account from hackers due to a compromised password. Two-step verification can come in the form of a text message or a phone call, or even a verification email to another account you have access to. Even if your password is guessed or stolen, an attacker can't sign in without a verification code, which only you can obtain via your selected two-step verification method.
2. Never Send Money Quickly If You’re Being Pressured
A criminal might threaten you with a phone call, stating that they need funds wired to them immediately or the safety of one of your family members could be in jeopardy. They often stress the urgency of the situation and hope that you think emotionally rather than rationally, which will lead you to act now and ask questions later.
3. Avoid Strange Offers From People You Don’t Know
This happens often. Say you are selling something on a popular website such as Craigslist, then the buyer sends you more money than your original selling price. You would then be instructed to deposit the funds and wire the money to another country, all while being promised funds when you complete the task. However, these are usually fraudulent checks and you could be in trouble when it comes back due to insufficient funds.
4. Be Cautious About Internet Transactions
Never give out confidential information in response to a phone call, email or advertisement. If you are sending money in a legitimate transaction, verbally confirm the wire instructions with the recipient on the day of your wire transfer via telephone.
5. Never Send Funds to People You Don’t Know
Fraudsters often try to get people to believe that they’ve won a contest or offer. If you don’t remember entering a contest, or are not familiar with the company, chances are they are probably trying to scam you. Don’t provide any confidential information such as bank account information or your social security number.