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Beware of Wire Fraud
Protecting our members from fraud is always a top priority at Georgia’s Own. One of the areas in which financial institutions are seeing an escalation of fraud relates to wire transfers. Unsuspecting members are deceived into transferring or receiving funds electronically to/from fraudsters. Wire fraud is an intentional act to defraud another individual or entity of his/its money and this is a federal crime.
Fraudsters use a variety of tools including phishing emails, compromised websites/emails, and fake friend requests on social media sites to commit these crimes.
Examples of Wire Fraud:
- Wire request sent to an individual’s name for a real estate closing, instead of an Attorney’s office.
- An email is sent from “a family member who is in jail”, or a person “getting a divorce and they don’t want the rest of the family to know, and they need help”, so the money has to be sent to the lawyer representing them.
- An email is sent from “a member who is travelling overseas and needs some money wired to them because they got robbed in a foreign country and they have no cash.”
- A social media friend sent an email that they received an inheritance and they want to transfer the funds to the United States. The recipient is then asked if the money could temporarily be deposited to the recipient’s account and an offer is made to pay a percentage of the money to the recipient, once the money is transferred to a safer bank. The victim would provide their account number for the transfer to be completed.
Always verify where the money is supposed to be wired to — especially if you get wire instructions by email. Hackers can alter emails (even from people you’ve been working with for several weeks) and instruct you to send money to the wrong place. Be vigilant; always call the recipient to verbally verify the wire instructions. Anyone can be a victim of this type of fraud and should take every precaution to protect themselves.
When you receive funds into your account it’s important to verify you actually received a “real wire deposit” into your account. Fraudsters like to take advantage of their victims when they sense the victim is somewhat confused by promising to send a wire transfer but actually sending the funds using a different (reversible) method. Ask yourself these questions:
- Who sent the funds?
- What were the funds for?
- Where did the funds come from?
Preventing Wire Fraud:
Here are some general rules you should follow to guard against becoming a victim of fraudulent wire requests.
- Confirm email requests from a known party by phone or in person, in case their email has been hacked.
- Be wary of email-only wire transfer requests and requests involving urgency.
- Never wire money to people whom you don’t know – regardless of how convincing or legitimate their wire request looks and sounds.
- Ignore any offer from someone you don’t know who asks you to deposit a check in your account and then instructs you to wire that money to someone else.
- Never open attachments in unsolicited email.
- Frequently update anti-virus and anti-malware programs.
- Closely monitor your bank accounts on a daily basis.
What should a Georgia’s Own member do if they become a victim of a wire fraud? Please contact [email protected]. We also recommend that members contact local law enforcement, as well as the FBI’s Internet Crime Complaint Center (ic3) at www.ic3.gov.
With fraud scams becoming more sophisticated and more prevalent, Georgia’s Own is not only ensuring our policies and procedures are thorough and practiced, but we also want to educate our members on what they can do to avoid being victims of fraud. That’s why we remain committed at Georgia’s Own to protecting our members from being victims of fraud. We also want to raise awareness as to what our members should do to stop these fraudsters. After all, prevention is the best protection when it comes to fraudulent activity.