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Home > Back in the world where fraud abounds...

Back in the world where fraud abounds...

May 11th, 2007 at 02:26 am

As many of you know, I recently returned to work at a credit union.

Being back, I am getting to hear all of the new twists and turns that fraud is taking...and it's bad news guys. Fraud attempts are growing at an amazingly alarming rate.

2 year ago, we saw 2-3 fraud attemps per month...

fast forward and now we are seeing 4-5 per week!!

The fasest growing is wire fraud.

There are many varieties of the fraud...but the RED FLAGS involve:

1. a check (could be certified or not)
2. a story
3. a request to wire, western union or epay funds to 'somewhere'...usually in the hundreds to tens of thousands of dollars.
4. a promise of some advance fee or easy money.

These scams are hitting every type of business, ads in newspapers, hotels, lotteries...you name it.

I am more than willing to offer my opinion on any questionable transaction. Please be safe with your money...the old addage that if it sounds to good....is 100% right in these circumstances.

STOP and ask...your financial institution, law enforcement, or even me.

egads...the bad guys have sure multiplied in my two year hiatus.

Frown

Posted in general thoughts | 7 Comments »

7 Responses to “Back in the world where fraud abounds...”

  1. Amber Says:
    May 11th, 2007 at 02:48 am 1178848131
    1178848131

    Unbelievable is the first thing that comes to mind

  2. yummy64 Says:
    May 11th, 2007 at 03:29 am 1178850568
    1178850568

    I get nice people from various random countries who have picked me as their special person to assist them with their money transfer.

    I always decline hitting the spam button. I'm not so special that I need to ride the small yellow bus.

  3. baselle Says:
    May 11th, 2007 at 04:59 am 1178855961
    1178855961

    Hmmm, I'm trying to figure out whether this explosion of fraud is a sign of the recession to come.

  4. Ima saver Says:
    May 11th, 2007 at 03:03 pm 1178892201
    1178892201

    That is really too bad.

  5. fairy74 Says:
    May 11th, 2007 at 06:36 pm 1178904979
    1178904979

    I noticed the last time I sent a wire transfer at my bank that they now make you sign a form that no one has promised you anything in return for doing the transfer and that you know the person that you are sending money too. They also had a list of countries that tend to engage in this type of scheme frequently. I am glad they are trying to warn people.

  6. boomeyers Says:
    May 11th, 2007 at 08:35 pm 1178912100
    1178912100

    I agree with Baselle, it is a sign of the bad economy. Also, computers and information make it so much easier for the bad guy to be well informed!

  7. Thrifty Ray Says:
    May 12th, 2007 at 02:11 am 1178932318
    1178932318

    Im not sure the economy is playing into this. This is an easy form of cash for intrernational bad guys (which is where the money wires to)

    Because of the internet, which is how most of this stuff occurs, the bad guys are virtually untraceable.

    However, there are bad guys out there who snail mail offers of lottos, etc...they even provide a number to call to 'confirm'...but alas, there is always that money transfer piece that should be the red flag.

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