Wire transfers – things to consider

Some things to consider when you receive a request for a wire transfer or check  from a client:

  1. Confirm the request with the client via phone BEFORE you send them anything to sign. If a hacker is controlling their email, they will see the request and have the client’s account number and any other information included in the request.
  2. Confirm all information regarding the wiring bank with the receiving party BEFORE completing the wire request paperwork.  Scenario – hacker obtains control of real estate agent’s email, changes the wiring instructions that are sent to your client for that transfer to escrow for the new home they are buying.  You receive the instructions and confirm with the client.  You, the real estate agent and the client are unaware that you are about to send all that money to someone other than the escrow company.  My recommendation is that all such instructions should be confirmed directly with the escrow or receiving agency.

A few minutes of work up front can save a nightmare and a lot of time down the road. Do the due diligence.

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