Question

what is used to prevent one person from setting up an account to send an outgoing wire payment to ?

Answer 1

First we understand Wire Payment Transfer. It is an electronic transfer of funds via network that is administered by hundreds of banks and transfer services agencies around the world.

This process of payment allows for the individualized transmission of funds from single individual or entities to others.

By this method Payment can be done safely in different geographic locations.International wire payment are monitored by the office of foreign asset control to ensure the money isn't being wired to terrorist groups or for money laundering purposes.

Though this is the convenient way to send money in different location of the world, but, it is an attractive target of fraudulent activity due to speed and money transfer.

All wires payment require approval by an Authorised Representative in accordance with the Depository agreement.

To help protect an individual from Wire transfer fraud:

1. Phishing Scam: Phishing is the fraudulent attempt to obtain sensitive information such as username, passwords and account details.

Preventing steps:

-:Don't respond to messages from a sender which you don't recognise.

- Keep security patches and anti virus programs up to date on own computer and mobile devices.

- If any messages come for updating the information or verifying the identity don't click on any links.

Family emergency Scam- Sometimes we receive call or message for sending the money due to some emergency .This is a circumstances which cannot be avoided. In this situation..need to be very careful and take some preventing steps like;

-Need cautious about sending money to friends and family until you verify their identity.

- Contact directly to family member or friend for confirmation of demand or any kind of news of emergency.

IRS fraud scam: These kind of scam increases at the time of tax season. Such as- Fake IRS tax notification and fraudulent calls for paying the outstanding.

- IRS mails regarding prevention of this kind of fraud.

- IRS mention that, you don't need to pay via wire transfer or any specific method.

- To visit the IRS website for knowing the standing payment is the safe side.