One simple independent phone call as Caitlin Jacob points out below on LinkedIn can save the financial institution and the victim thousands of dollars as both are at a huge loss to proceeds of crime. The victim’s financial well-being can be devastated as is their emotional and social self-worth. This can be all avoided as explained below.
Verify the transaction whether you are being asked to do it yourself as the one authorizing it under false pretenses or the financial institution, for wanting to ensure on their own volition and due diligence that they are not unnecessarily contributing money to proceeds of crime. Obviously, you hope and should expect the financial institution to take this simple verification step through their own fraud prevention protocols, including staff training to look for red flags and unusual transactions. After all, financial institutions are the experts at moving money and know the risks involved if the account the money is being sent to is not legitimate. One independent phone call to the receiving money wire financial institution can stop a fraud dead in its tracks.
Consumers, including vulnerable ones like older seniors, are not up on all the tricks being employed on them to remove them of their hard-earned money and savings.
As the famous and ionic marketing slogan of Nike says, “Just Do It”. Make that phone call. Why would you not save the financial institution and the victim from untold loss and grief?
Caitlin Jacob
Turning chaos into closings since 2003 | 20+ years; zero boring days
Wire fraud prevention may not be the cutest topic… but if a softer, friendlier graphic gets more people to stop scrolling and pay attention, I’m all for it. 😊
In our industry, one missed verification step can have massive consequences. Always verbally verify wiring instructions using a phone number obtained independently — never from the email or document containing the instructions.
🔒 A few extra minutes of verification can protect everyone involved in the transaction. 🔒
