How Wire Fraud Impacts Dealers and Collectors

Dealers and collectors aren’t immune to the rampant wire fraud, which according to FBI statistics may cost small U.S. businesses about $3 billion a year. We heard from a dealer this week that many dealers and shippers have been impacted and significant amounts have been stolen.  BEWARE! The fraudsters hack your emails and insert their own email, cloned to look like an email from a trusted person, into your email stream.  They then request a wire transfer — providing all needed wire instructions — for something that looks legitimate. Once a bank wire is sent, it is extremely difficult, if not impossible, to get the money back.  If you need to send a wire, be sure to use “old “ technology and confirm on the telephone with someone that you know!