How to Lose £250,000 in a Wire Transfer Fraud Scheme in Property

How to Lose £250,000 in a Wire Transfer Fraud Scheme in Property. It is much easier than you think sadly. It can even be more. With all the email frauds your money, the life blood of your property business can be stolen.

Our solicitor is as paranoid and conservative as us. Almost from the very start she instilled in us to call and confirm VERBALLY every BACS payment with sort codes and account numbers. We are always buying and selling HMO properties…( plus keeping ourselves as well). In the commotion fraud can occur. One of my strongest messages to property investors, be a little paranoid….call your solicitor or builder or whoever you are sending big sums of money to confirm all bank details. I am sure they also want to protect you and your property business.

Don’t ignore this article. This could happen to you. If you’re involved in property or if you move money around through banks or if you’re alive and have a pulse, this post should strike fear into your heart.

Besides verbally calling consider never send out wire instructions through regular email again—not in the body of an email, not in an attachment. All wire instructions and other sensitive financial information are sent out via secure encrypted processes like DocuSign or SignNow.