Verify Wiring Instructions
According to the FBI’s Internet Crime Report the Internet Crime Complaint Center (IC3) received 351,936 complaints in 2018. That’s an average of more than 900 each day. The most financially costly complaints involved business email compromise, romance or confidence fraud, and investment scams.
“Awareness is one powerful tool in efforts to combat and prevent these crimes. Reporting is another. The more information that comes to IC3, the better law enforcement is able to respond,” said Donne Gregory, chief of IC3. Click here to learn more about IC3 and file a complaint. Streamlined communication has assisted the FBI field offices in recovering funds for businesses that report fraudulent activity. In one case a victim wired $56,179.27 for a home purchase to a thief after receiving a spoofed email request from the lending agent. The Recovery Asset Team worked with the FBI Field Office and the victim’s bank to freeze the funds transfer and return $54,000 of the stolen money.
Click here to read IC3’s list of common and current scams.
Click here to read IC3’s internet crime prevention tips.
Although the complaints involved victims of every age, there was a concentration of financial losses for individuals over the age of 50. One way we can all do our part to prevent fraud is to verify wiring instructions. It’s great practice to validate wire instructions on each closing completed and ARS is here to help. We have master instructions available should you want to confirm or update any saved instructions you may have for our company.
Contact your Account Manager or Settlement Team for more information.