Nov 13, 2023 Red Flags When Transferring Money
Cybercrime and fraud attempts have not slowed down, so we want to share some red flags to look for when transferring money. Leonard Rickey Investment Advisors has security precautions to ensure the funds we manage are as safe as possible. When you request funds, we will verify your identity and verbally confirm transactions with you.
Here are some other things to be mindful of when transferring money:
- Email Requests
- If you receive wire or ACH instructions via email, call the receiving company directly to confirm the instructions. Use the phone number on your bank or escrow statement, not the one in the email. If you wire to a scammer, they are nearly impossible to recover. Any time someone requests a wire, take extra precautions.
- Immediate Requests
- Scammers often add urgency to a request to make you push a transfer through without verifying with others. Make the calls and verify before sending! They may also try embarrassing or threatening you with what they claim to find on your computer.
- Phone Requests
- If you receive a call from your bank or another financial institution asking you for sensitive information like account numbers, passwords, or social security numbers, hang up and call back from a number posted on your statement or debit card. Some are very sophisticated and can call with basic information to sound more legitimate.
- Tech Support
- Tech support will not call you to let you know your computer has a problem. This isn’t a feature of Microsoft, Windows, Apple, etc. If you give them access, they can install programs to track your activity, duplicate information, or lock you out of your machine.
- Keep your computer security software updated and current. Old software versions can have more vulnerabilities. If you suspect your computer is compromised, do not use it for browsing the internet or accessing accounts. Take it to a local computer equipment store to talk with tech support in person.
If in doubt when making a transfer, always take a pause. Feel free to reach out to your advisor. We have seen an uptick in fraud attempts with our clients. We want to help keep you safe.
Leonard Rickey Investment Advisors, PLLC (“LRIA”), is an SEC registered investment adviser located in the State of Washington. Registration does not imply a certain level of skill or training. For information pertaining to the registration status of LRIA, please contact LRIA or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).
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