Cyber Smart by Bart R. McDonough

Author:Bart R. McDonough [McDonough, Bart R.]
Language: eng
Format: azw3, epub
ISBN: 9781119559641
Publisher: Wiley
Published: 2018-12-04T16:00:00+00:00

I will teach you the essential steps to protect your money, and the money of your company, so you don't lose your valuable assets. In this chapter, you'll learn about the major types of financial fraud to watch out for and how to lock down your money.

Home Buyer Wire Transfer Fraud

Wire transfer fraud is becoming a more significant problem, especially with bad actors posing as real estate brokers and real estate lawyers.

WIRE TRANSFER FRAUD: ALL A BAD ACTOR NEEDS IS INTERNET ACCESS

A bad actor scammed Mike Malone of Upstate New York out of $500,000, meant for his purchase of a vacation condominium in Deerfield Beach, Florida. Malone received an email from someone who he thought was the broker, which included instructions on transferring one-half million dollars to a Bank of America account. Malone's wife went to the bank and performed the wire transfer according to the instructions they received. Malone checked with the broker to confirm receipt of the transmission and learned some shocking news. The broker never sent an email with wire transfer instructions. Upon further inspection, the email address used to send the fraudulent email was similar to the broker's company domain name, except for the letter y. The bad actor registered a similar copycat website and created an email address almost identical to that of the real broker to fool the Malones and other targets. The bad actors also blocked Malone's Internet access and rerouted some of his phone messages to complete the wire transfer fraud scheme. Fortunately for the Malones, and not a common happening, U.S. Secret Service agents helped recover the funds by freezing the bad actor's bank account and making arrests.2

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