8 on Your Side: Scammers Target Wire Transfers - 8 News NOW

8 on Your Side: Scammers Target Wire Transfers

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LAS VEGAS - Money makes the world go around, and in this day and age, it travels fast. Wire transfers give small businesses an edge in the international game – sending cash across the globe in seconds. Scammers have taken notice.

Christopher Robbins' company Crystal Impressions orders glass from Shanghai, China. Invoices come through e-mail, and the company pays through Wells Fargo wire transfers. Robbins says he's never had a problem before, but recently, he got scammed out of $45,000.

Moments after an invoice was sent, a hacker jumped in and sent a new invoice with one change – a different beneficiary.

Robbins didn't know at first he had been scammed. Unfortunately, he has no recourse. In the world of bank transfers, the recipient has to be the one to give the money back.

"You are out the cash. We are out the cash," Robbins said.

Now, Crystal Impressions has changed its business practice. "We have Skype verification. She confirms with me the account number, the beneficiary and the receiving bank," he said.

He learned a costly lesson, but hopes other business owners take heed. "I consider myself very savvy when it comes to the banking side of things," he said. "For me to fall for something at this level, it sounds difficult, but it really wasn't."

If your small business relies on wire transfers, take note. The only protection you have against scams is you. The bank can't get your money back. Filing an international lawsuit often costs more than you lost. So, protect your business and double check everything. You don't want your money in the wrong hands.

If you have a consumer issue you would like the 8 on Your Side team to investigate, call 702-650-1907.

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