Wednesday, August 29, 2018

Security: Wiring Money

Wiring money is something that a lot of people don't give much thought to.  However, I do.
I don't know about you, but my money is hard earned. And personally, I don't want to lose it, throw it away, or have it stolen from me.
When someone wants you to wire money, a lot of times, companies will email the wiring instructions. This email is the dangerous part. Why?
1. Because someone (we will say hackers) could have access to the company email that sent you the email, without you or that company knowing it. If wiring instructions are sent to you, and it was modified to an incorrect bank account (routing number, etc), and you wire that money, you can consider it lost.
2. Your email could be compromised.
3. Anyone else involved in the email chain could be compromised.
You think this is not possible? Well, it certainly happens.
I just bought a "new to me" house, and to close on it, they wanted me to wire the closing agent the money. I simply told them that I wouldn't be doing that. That is, via email. I did go down to the closing agents location and asked them to hand a copy of the instructions over to me, printed on paper, so that no email exchange would take place. This was the safest option. Now it's just up to me to transfer that information, by hand, over to the bank wiring the money.
Look folks, be safe and use your senses. This is not 1950 anymore. We live in a computer age, and security is important. Especially when it comes to your money.

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