Recovery From Wire Fraud Scams
As the days pass and sophistication in technology advances, online frauds are evolving and getting more rampant. Scammers are increasingly finding new ideas of deceiving victims into parting with their hard earned funds. An increasing number of wire frauds are targeted at larger multinational organisations and even individuals.
The dealings are very complex and elaborate because the fraudsters already have a good knowledge of the financial structures of the companies and individuals in question. Worse still, this kind of fraud is difficult to reverse once perpetuated because they are mostly international and without Swift actions, chances are that the funds are dissipated.
Helium forensics offers you a lifeline of recovering whatever you lost in wire scams with our thorough investigation systems and professional approach.
This crime, which has reached an epidemic level in recent years, occurs as fraudsters use email phishing techniques to gain access to an email account of someone involved in a transaction. This access provides real-time transaction details including amounts that buyers are required to transfer for the upcoming closing of their home. Armed with this information, the fraudsters impersonate the title company and send fraudulent wiring instructions to buyers with a request to send funds immediately or the transaction may be canceled or delayed. Once the funds are stolen, they are hard to recover as cyber criminals use elaborate networks to launder funds to avoid detection and recall. "We have seen a sharp increase in real estate wire fraud in recent months," said Stephen Dougherty, Cyber Investigations Division (GIOC), U.S. Secret Service. "Cyber criminals are using information found in compromised email accounts to trick consumers into sending funds to By this point, most businesses that regularly send and receive funds electronically have heard about the risk of wire fraud scams in which an intruder changes wiring instructions and diverts funds to its account, insidiously crafted to look like the proper account. But detecting these scams before they come to fruition — and doing something about them after they occur — has proven challenging.
The scams have continued to increase in sophistication and wreak havoc on business relationships, transactions, and deal closings with increasing frequency and magnitude. This is especially the case for private equity deals, which often involve multiple parties and multiple closing wires, increasing the risk of a compromise.
When funds are wired to a fraudster, they typically land in an account belonging to a money mule. While some accounts are under the control of the cybercriminal, many are opened by people tricked or convinced by scammers to be a part of the money laundering process—often without the full knowledge of what they’re participating in.
We have spoken previously about how the gangs that commit real estate fraud are often multinational, and they can use their connections to wire money through banks in other countries or cryptocurrency wallets.
The longer the trail between the original account—used to receive the transfer—and the money’s final destination, the harder it becomes for the victim to see their money again. Because of this, it is essential that you act quickly when you realize you have become a fraud victim.
Knowing this, criminals use tactics to delay the time it takes for you to react. Many frauds take place on Friday afternoons, so people don’t realize it has been committed until after the weekend.
This is particularly effective over federal holidays where the federal reserve and other banks are closed the following Monday. This gives fraudsters another business day to move money overseas once it’s left in the United States so that it cannot be recovered. Additionally, once you have started taking the steps below, fraudsters may contact you or your customer directly (remember, they have all your details). They may claim to be from the bank, title company or the authorities in an attempt to delay the recovery process by analogy in anomaly or suspicious activity in the fact they’re looking into it and will be in touch in the next day or so.
Over the past year, fraudsters have shown a willingness to directly engage with the victim to disarm them, putting their mind at ease that the recovery is in motion and there’s nothing further they need to do. Buying themselves just a few hours could mean the difference between a successful fraud and one where the money is recalled and sent back to the proper owner.
Ideally, you would let the receiving bank know about the fraud before the stolen money has even arrived in the fraudster’s account. Often this isn’t possible as wire transfers are nearly instantaneous from the time they are sent until they are received. Even if you realize too late, the quicker you can follow the steps listed below, the higher a chance you have of recovering your money. For more contact us at heliumforensis