Protect Your Money from Wire Fraud Schemes When Buying & Selling a Home
Buyers AND Sellers are becoming victims of wire fraud during their real estate transactions. This has become VERY common for clients to be targeted by scammers prior to closing on the home. The American Land Title Association wants homeowners and sellers to be aware that criminals are using wire fraud schemes to steal money meant for home purchases or the proceeds from the sale of the property. Watch this video for four tips to protect your money and advice for what to do if you’ve been targeted by a scam.
Hit by Wire Transfer Fraud? Use the kill chain process
Financial Fraud Kill Chain
Federal Bureau of Investigation 11 January 2016
Criminal actors are laundering billions of dollars overseas through financial fraud schemes like corporate account takeovers, business e-mail compromise scams, and other financially motivated crimes. The Financial Fraud Kill Chain (FFKC) is a process for recovering large international wire transfers stolen from US victim bank accounts. The FFKC utilizes FINCEN’s relationship with the Egmont group, as well as federal law enforcement placement in countries all over the world to help stop the successful withdraw of cyber crime funds by criminal actors.
The FFKC is intended to be utilized as another potential avenue for US financial institutions to get victim funds returned. Normal bank procedures to recover fraudulent funds should also be conducted.
The FFKC can only be implemented if the fraudulent wire transfer meets the following criteria:
- the wire transfer is $50,000 or above;
- the wire transfer is international;
- a SWIFT recall notice has been initiated;
and the wire transfer has occurred within the last 72 hours.
Any wire transfers that occur outside of these thresholds should still be reported to law enforcement but the FFKC cannot be utilized to return the fraudulent funds.
In order to initiate the FFKC, banks must provide the following information to their local FBI office.
Summary of the Incident:
- Victim Name:
- Victim Location (City, State):
- Originating Bank Name:
- Originating Bank Account Number:
- Beneficiary Name: Beneficiary Bank:
- Beneficiary Account Number: Beneficiary Bank Location (if available):
- Intermediary Bank Name (if available):
- SWIFT Number:
- Date: Amount of Transaction:
Additional Information (if available) – including “FFC”- For Further Credit; “FAV” – In Favor Of:
If the fraudulent funds are returned to the victim’s account, the FBI requests that this information be passed back to their local field office contact.