Learn more about Wire Transfer Fraud!
Discover more about wire transfer fraud, why it happens and what you can do to prevent it.
Hackers make money by impersonating the parties of a transaction!
Are you certain with who you are emailing?
Protect Yourself from loss! Do not accept any form of email wire instructions from any party of your transaction. Require all parties to communicate securely via ChatFortress, this guarantees your transaction will be safe.
How Bank Wire Transfer Fraud Happens
Multiple parties involved in transaction
Everyone is at risk to social engineering or email phishing scams. With mulitple parties involved in the transaction on average 6 more. Makes it easier for hackers to impersonate anyone of the parties to the transaction.
Hacker are master manipulators
Hackers are master manipulators and know exactly how to extract information from people with some basic online research and less than 15 minutes of effort. Hackers can access around 80% or more of the information they need to start the hack.
Email for sensitive information
All of the data that's needed for a wire transfer fraud to be completed is currently sitting in someone's email. This means all a hacker needs to do, is apply an email phishing scam to access one of the parties email accounts. Most people aren't securing their email with Two Factor Authentication (2FA). Your Real Estate Agent has the contract, buyer and seller information, and much more.
Once the hackers have gained access to an email account, they can start to impersonate that individual or company. They will do this using the email account directly or apply email spoofing techniques.
Hackers know timing is everything!
Hackers have been known to monitor an email account for 180 days after the hack. This allows hackers to build a profile on the person they are trying to impersonate. Just think about everything you have done over the last 180 days in your email. The average real estate transaction is worth $200,000 to the hackers, so patience increases success.
How hackers find their victims?
Stealing your money is a business for hackers. Demand for wire transfer fraud is growing 500% or more per year with scammers within the USA and outside the USA. Hackers have created entire business models around manipulating you to steal your funds. Here is what their current process looks like:
Hackers are stealing $110,000.00 per hour in the USA. That's $2.5 Million per day. Wire Transfer Fraud has now become an industry worth over $3.2 Billion dollars and growing. It's not just a problem in the USA but worldwide. There are mutliple variations of this scam which include payoff fraud, CEO fraud, Manager Fraud, along with various email phishing attacks.
Wire Transfer Fraud is a human behavior problem that will not only be solved by technology solutions. Technology solutions will help reduce the occurrence of these attacks only if you implement secure communication processes. Hackers are using email, phone calls and text messages as part of their attempt to manipulate you and extract information.
Stop Using Email for Sensitive & Confidential Information!
Protect your sensitive information and systems from phishing and spoofing attacks. Secure your clients information and confirm the identity of the recipient. No longer rely on email to transmit or process wire instructions between parties.