(Topic ID: 304609)

Wire transfer safety

By megaladon

2 years ago



Topic Stats

  • 6 posts
  • 5 Pinsiders participating
  • Latest reply 2 years ago by Chisox
  • Topic is favorited by 1 Pinsider

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    #1 2 years ago

    Is there a risk to receive money in a wire transfer? Sounds like you give out your account number. It’s an international wire from Hong Kong. Advise would be great.

    #2 2 years ago

    There is a swift code involved instead of a routing number, so it's a little different. However, I am paranoid and have a separate checking account specifically for wire transfers...

    #3 2 years ago

    Confirm your banking information via multiple forms of communication.
    I.E. if you email your wire instructions to the sender, have them confirm the information with you via a phone call or text before they send the wire.

    The biggest scam I am aware of with bank transfers is having a compromised computer, which can happen on either end.
    Basically they intercept the emails (either coming or going) and change the account information to where the money is wired to someone else.
    This is rampant in the housing market and it’s basically now a standard protocol to verify the wire instructions via multiple forms of communication.

    I learned this lesson the hard way.

    #4 2 years ago
    Quoted from Coindork:

    Confirm your banking information via multiple forms of communication.
    I.E. if you email your wire instructions to the sender, have them confirm the information with you via a phone call or text before they send the wire.
    The biggest scam I am aware of with bank transfers is having a compromised computer, which can happen on either end.
    Basically they intercept the emails (either coming or going) and change the account information to where the money is wired to someone else.
    This is rampant in the housing market and it’s basically now a standard protocol to verify the wire instructions via multiple forms of communication.
    I learned this lesson the hard way.

    This scam was done to someone I know. The scammers were monitoring private emails between two business partners.

    #5 2 years ago
    Quoted from Methos:

    This scam was done to someone I know. The scammers were monitoring private emails between two business partners.

    This happened to me on an incoming business wire from Europe.
    They went as far as to mock up fake company letterhead with alternate wire instructions (not my actual company letterhead) using graphics from our website. Pretty fucked up scam where the sender has no recourse in most cases. Would up being a compromised computer on the senders end.

    Needless to say I verify every wire now with multiple forms of communication since then.

    #6 2 years ago
    Quoted from Methos:

    This scam was done to someone I know. The scammers were monitoring private emails between two business partners.

    Me too! And it was like $50 grand and it took him forever to get it fixed. Luckily the scammers were in Florida, I can’t imagine trying to deal with an overseas scam. Agree with Coindork, phone call and/or text confirmation at a minimum.

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