Wire Transfer Scam

[gbflyer]

back in march we wired a down payment on a pilatus pc12 all through the process we were dealing with a guy on the phone who would call and say I'm sending you the wire instructions now and it would show up. we forwarded on to the bank and they wired it. money went to the wrong account FBI says its the most common thing now called business' email capture. we had been hacked and didn't even know it these yoyos were looking at my emails before I ever saw them they would then change the routing and swift code and when I did get the email it was on correct letterhead and all. our bank lady even called the 800 number on the instruction sheet and verified it. so these crooks were answering the phone "aircraft title services" and had all the correct answers. long story short we got the funds by straight luck no other reason. FBI tells me to never email wire instructions they say a big chief tablet and #2 pencil cant be hacked. so now we only call for wire instructions and write them down and then call the bank. if i initiate the wire some one else from within our outfit has to verify it. so with this new setup it has been working but it is definitely time consuming. If these dang crooks would work as hard at a job as they do stealing they would be rich!
we are trying to overnight checks when possible and do as little wire transfer as possible.

Friend of mine is a marine contractor. Got nailed exactly the same way, not for aircraft but for a steel order. Didn’t know about it until 30 days elapsed and the steel company asked where their money was. They recovered a portion, still lost $150K.

Crazy how smart these charlatans have gotten.

 

[C.W. Richter]

most banks allow you to set up text and/or e-mail alerts-you immediately get a message that says "do you wish to transfer 30K to X? Reply Y or N (and that takes care of that!)

 

[HookMeUpII]

Someone has the bank email and or records hacked. A client of mine was closing on a real estate deal. Lawyers representing her had their email hacked and didn't know. The thieves watched the whole deal go down. They knew the exact time of close and sent her the "wire info" right at the opportune time. She went through with it, assuming it was valid. Luckily, the bank stepped in and froze it. They actually caught the thieves, somehow, and got the money back in her account. We were her financial advisor so we could only just give advice on what we knew.

I own a financial firm and any trades, money in/out, we only accept at minimum over the phone with verbal verification. Your bank did the right thing by not acting on an email request. We sometimes will ask the client to verify numerous pieces of verbal info, even over the phone, if it's someone we have not heard from in a while.

 

[Brent in Az]

More often then not, it's an inside job. They have the account info, and spoofed your own number to the bank.

 

[DLSJR]

More often then not, it's an inside job. They have the account info, and spoofed your own number to the bank.

Actually, it is seldom an “inside job”. In this day and age with the internet, social media and various methods of getting into people’s Personal information, most of the crimes in this arena are committed by criminals who have no connection to the victims. Often, the criminals are located in other countries and other continents. The internet gives them quick, easy and very low cost access to anyone they can trick into giving away Personally Identifiable Information and they can steal massive amounts of money with no fear of getting shot or arrested. In reality, without fear of ever getting caught.

In actual practice, the ‘inside job’ is rare these days.

 

[Brent in Az]

Actually, it is seldom an “inside job”. In this day and age with the internet, social media and various methods of getting into people’s Personal information, most of the crimes in this arena are committed by criminals who have no connection to the victims. Often, the criminals are located in other countries and other continents. The internet gives them quick, easy and very low cost access to anyone they can trick into giving away Personally Identifiable Information and they can steal massive amounts of money with no fear of getting shot or arrested. In reality, without fear of ever getting caught.

In actual practice, the ‘inside job’ is rare these days.

I personally know of 2 inside jobs from banks in the Philippines, involving a couple of retired expats, and have heard of others.

 

[Ontario Hunter]

My banker needs to speak to me personally before transferring funds. I can do it personally on my phone so why would I contact her to do it for me? One way to pay for things safely is to move the money from my line of credit to credit card ahead of billing out at the lodge. That way I can make sure there's enough money available in credit card to cover it. Sometimes the bill is more than my credit card limit.

I also have the ability to do a global money transfer direct to the lodge's bank account but receiving funds must be in local currency. I just do the currency conversion on line and send a copy of it to lodge. It's a very secure way to send money. Also, if you intend to fluff up credit card to pay large fees for hunting, make sure you're using a separate card from the one used day to day to pay for airport meals, tourist shop crap, etc. There is where most of the identity theft happens. I would advise using a brand new credit card solely for the purpose of paying lodge owner. The disadvantage to fluffing up credit card in advance is it is expensive getting back any money not used. Then it becomes a cash advance with hit for 20% interest. So only fluff it up enough to cover anticipated costs ... or to keep from exceedingly

 

[DLSJR]

I personally know of 2 inside jobs from banks in the Philippines, involving a couple of retired expats, and have heard of others.

Well, Brent; I’m a banker of nearly 30 years and I know that, at least in the USA, it is incredibly rare for anyone ‘on the inside’ to be involved in financial crimes in any way, shape or manner. I can’t speak for the Philippines.