Tag Archives: wire transfer scam

 

Aug07

Wire Transfer ScamsWhere Are You Sending Your Money?

Wire Transfer Scams

Posted: August 7, 2012 by Rachel Shepard

How nice is it to enjoy a little TV after a delicious dinner and a hard day’s work? Now imagine you receive an unexpected phone call during the commercial break. It’s from a number you don’t recognize, but you answer it anyway. Someone on the other end begins accusing you of reneging on debts, or tells you a sob story about someone in your family needing money immediately, or informs you that they can provide you with just the help you’ve been looking for if you’ll just provide a small processing fee.

Whatever the line may be, the result tends to be the same: You need to send us money right now if you want to be OK.

What would you do? For many unfortunate victims of wire transfer scams, they send the money. It’s difficult to deal with the sudden pressure, and often aggressive manner, of a surprise caller. You end up trying to solve the problem just to get out of trouble…when you should really ask yourself if the phone call itself is what’s wrong.

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Jul27

Scam Alert: Phone, Loan and Wire Transfer Scam in IowaIowa Woman Nearly Scammed for Hundreds

Posted: July 27, 2012 by Rachel Shepard

On the border of Iowa and Illinois is the town of Muscatine. A woman in town recently reported a frightening experience in which she narrowly avoided being scammed for hundreds of dollars. Here is the story:

One morning in mid-July, April Garcia received a phone call from an unknown caller. The caller informed her that she was eligible to receive a payday loan of $3,300.

Garcia could not recall having ever applied for the loan.

According to the caller, it would be disbursed to her in monthly installments of $330 a month for the following 12 months.

All she needed to do was wire them $330 for “insurance.”

Garcia was strung along enough to actually wire money to the company. However, when she noticed that the money was being sent to an address in India, she realized she was being duped.

Luckily for Garcia, she had not yet informed the scammers that the money had been sent, allowing her to claim fraud on the transfer and have her money refunded.

Garcia’s case is a fortunate one; most people are unable to see the scam for what it is until it is already too late.

There are a few moments when an informed consumer in Garcia’s situation could have halted the scam before they could be victimized.

  1. The unsolicited phone call: If you are ever offered something over the phone without having opted in, you should be somewhat suspicious.
  2. Approval for a loan or offer that was never applied for: This should be an immediate red flag.
  3. Requiring you to wire money: Never wire funds to any party that you may not know.

In the event that you are contacted by a company similar to the one that contacted April Garcia, you should attempt to find out the name of the caller, who they work for, the address of the business, and any other contact information you can get. You can then relay this information to the Better Business Bureau, the Consumer Financial Protection Bureau and local law enforcement.

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