Updates

In today’s digital age, cybercriminals become more sophisticated, and risks of fraudulent activity – in particular, wire fraud -- rise. Organizations and individuals must stay vigilant and adopt robust preventive measures. Here are some best practices to safeguard against wire fraud:

1. Wire transfers are like sending cash.

Once sent, wire transfers typically cannot be reversed. Always properly identify the recipient and confirm all related information.

2. Know the wire scam warning signs.

• Unexpected wire transfer requests: Always be cautious if you receive an unexpected request for a money transfer.
• Investment scams: Be wary of offers that guarantee returns, promise “no risk” on investments, or request to send funds to foreign countries.
• Last-minute changes to real estate wire instructions: Scammers may impersonate real estate agents or brokers to alter wire instructions.
• Account issues: Never wire funds to fix a supposed “account problem.”
• Overpayment schemes: If asked to wire back excess funds after receiving a check, it is likely a scam.

3. Don’t rush.

Scammers often create a sense of urgency. Verify the source of any unexpected transaction requests before acting. Hang up or ignore messages if pressured to act immediately and contact the organization directly to verify.

4. Double-check the intended recipient.

Confirm the recipient when using wire transfers for real estate or business transactions. Verify instructions by calling the payee's official number, not a new number from an unexpected email.

5. When in doubt, stop and get help.

If at any point you find yourself unsure or suspicious about a wire transfer request, consult with your Relationship Manager or call our Client Experience Team at 206.281.1500 for assistance.  Seattle Bank provides our clients with peace of mind when it matters the most.