Wire Transfer Scams that Seem Like Jobs Technology has created many conveniences for people. This is especially true when it comes to finances. People can receive money, pay bills, and transfer funds without ever leaving the house. Unfortunately, this same technology has created more ways for unsavory characters to manipulate people and do things like steal funds through a wire transfer system. Below are some examples, followed by a potential solution to these scams. Fake Employment There are a couple of different scams that pose as methods of employment or subcontracting. These scams can result in drained bank accounts, or worse, theft of your personal information like your social security number in order to commit identity fraud. Mystery Shopping Mystery shopping is a very real way to earn a bit of cash, but beware of mystery shopping scams. The “company” may send a check and tell the victim that they need to deposit the check in their account. They will even list places where the funds must be spent so the businesses can be evaluated, but the real hook is the fact that part of the funds are offered as payment for the services. Once the individual cashes the check, the “company” gains access to their account. The individual spends the money as directed, but the check does not clear and the individual is then responsible for repaying the funds. Accounts Payable One scam using the wire transfer system involves being hired to disperse funds. The individual may be sent a check or wire transfer. Then they will be given a list of companies or names where the funds should be sent. These funds are usually obtained through some other fraudulent method if they exist at all. Naturally, the most convenient way for a person to manage these funds is to deposit them in a checking account and disperse them from there. The individual then withdraws the funds as they are sent to the companies on the list. Now the company that sent the funds has access to the individual’s checking account, as do the companies on the list. On top of all that, the targeted individual may be held accountable for the money laundering crimes! How to Combat Fake Employment Wire Transfer Schemes The good news is that financial institutions are increasing their efforts to prevent these things from happening by investing in anti-money laundering software from companies like Ocean Systems. This software monitors accounts for suspicious activity. It monitors patterns, activities, and many other elements and then sends out alerts when suspicious activity is detected. While this is not the only method that should be relied on, it is at least one way to make accounts more secure. Individuals who suspect they are being targeted for these kinds of scams should call their bank. They should not call the number on the checks they receive, but look up the number for the name of the bank on the check. These scammers use well-known bank names to look more official, but the number on the checks they generate goes back to a call center they operate.
Bio: Ocean Systems Banking Technology develops and implements technology to help banks prevent fraud. They offer anti-money laundering software that takes preventative measures to reduce the risk of fraudulent activity. Summary: Learn about current financial scams using the wire transfer system and how you can avoid them. What may seem like the perfect employment opportunity could actually be a scam that can ruin your financial stability. Do not fall victim to one of these scams. The criminals that operate these scams are typically very smart and may trick you without you ever realizing it. Should you fall victim to these types of attacks, contact your bank immediately.