Consider this: You are purchasing a new property and have been emailing your lawyer to iron out the details.
You get an email that you need to wire the $45,000 down payment. But it states the wire information previously sent to you has changed and you will need to wire the money to a different account.
The email address seems legitimate based on previous communications, so you wire the money. But the money is actually wired to a scammer and never seen again.
So, what happened? A scammer has compromised the sender’s email account and has sent a message that looks legitimate, ultimately rerouting the money to an unintended account.
Email compromise occurs when a scammer gains unauthorized access to an email account and monitors communications to vendors and customers. You may think you are communicating with a regular contact when, in fact, it is a scammer.
Never trust email as a sole verification method when transferring money. If you receive a request to wire money or make a change to a wire by email, reach out to the intended recipient by calling at their known, direct number and discuss the transaction and any changes in detail. Do not trust new phone numbers listed in the email. A little diligence can save you a lot of money and hassle.
Scammers often prefer wire requests because the transactions are often difficult to reverse or trace. Visit our alerts on Email Compromise Schemes or visit the Federal Trade Commission article on Wire Scams to learn more.
If you are a MVSB customer and you are concerned you wired money in response to a scam or someone is asking you to wire money for any reason, please call us directly at 800.922.6872.
