Wire transfer offers convenience that we have never experience before. We can easily exchange money without any borders, allowing us to deal with international companies and customers. Electronic payment removes any inefficiency that comes from dealing with physical payments. Physical payments limits the way in which you can utilize your finances and are often slow due to the delivery time involved. Electronic payments are virtually instant in most cases no matter what the distance may be.

 

 

But such convenience comes with a side effect as well. People are able to shop without seeing anyone in person but can also be robbed without ever meeting someone. These are the few ways in which wire transfer frauds are committed over the internet:

 

 

One of the most common methods would be phishing. Your financial information is intercepted by the hackers and is used for a variety of illegal activities. Credit card information, bank account information and even membership information can lead to financial theft. Phishing usually occurs by tricking the users into visiting a site that mimics the website address and the design of an actual site (such as your online banking website or popular shopping websites). They steal your login credentials by tricking you into thinking that you are actually logging into the official website. It is vital to double check all the information before logging into websites due to these frauds.

 

 

Many criminals also exploit the semi-anonymous nature of wire transfer companies (such as Western Union) or money orders to commit fraud. People will often be asked to send money to another country through wire transfers on the internet when trying to buy various products. You should always suspect something if the deal is too good to be true or if they only accept wire transfers. There is absolutely no protection available for senders in such wire fraud cases so you must protect yourself by not falling into the trap.

 

 

Another popular wire fraud involves sending people fake checks and asking a percentage or a product as a return. Depositing such checks can put a dent on your financial record so you should only deposit checks that you trust. You should also make sure that the check fully clears (verify the transaction at the bank) before sending any money or product. Sometimes the check will appear to have cleared after the default holding time due to the nature of checks at the bank. Always double check with the bank to ensure that the check was good.

 

 

 

 

 

Criminals are always evolving along with the technology so you too must stay ahead of the curve in order to protect yourself from these criminal activities. If you require additional information regarding wire fraud or any other illegal internet activities and their preventative measures please visit the JB MacLean Consulting website today. You will also be able to access additional information by becoming a member (free to join). You may also contact the professionals at JB MacLean Consulting Inc. if you require consulting on personal or corporate security solutions.

Financial fraud is a multi-billion dollar business in Canada. Government, police, and professional associations are trying to contain the problem. Nonetheless, reports of ATM card reading scams, credit card and identity theft, telephone phishing, phony investments, mortgage fraud, and money laundering in its various forms continue to make headlines across the country and taking their toll on the economy.

Canadians are bombarded by information on how to minimize their exposure to these risks. However, protecting PIN numbers and passwords and shredding personal information is often not enough of a defence against organized groups bent on stealing your identity and access to wealth.  Most people are unaware of the sophistication and technological ability behind these crimes, how fast these crimes can happen, or how long it can take and what it might cost to recover from it. Most companies do not realize that the data mining they do has value well beyond customer behaviour.  Customer data, purchase histories, and credit card numbers are all valuable and easily available around the world.

Do you want to know more about these trends and risks in your area? 
Do you want to understand what resources are offered by the government, police, and industry across the country to combat these threats?
Do you think you are exposed to these risks and need to do something about it?

J.B. MacLean Consulting Inc. has years of experience in this field, effective professional partnerships with government, law enforcement, and in the legal and financial arena to offer you.

For more information on our E-Books site, please visit "The Cyber-Crime-Chronicles"