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Wire Transfer Fraud

New Jersey Department of Insurance Warns Financial, Mortgage Entities on New Wire Transfer Fraud Schemes

Wire Transfer FraudScammers are now deploying “porting” technologies and “business email compromise” (“BEC”) to intrude fraudulently into wire transfer technology, the New Jersey Department of Insurance advised in Bulletin 18-04 issued today, April 10, 2018.

The Department recommends that every regulated person using wire transfers be extremely careful when communicating wire transfer instructions electronically, and ensure that any third-party service providers are extremely careful.   Among the precautions urged to combat various schemes is verbal communication inclusive of a pre-arranged code word to combat BEC schemes.

New Jersey Department of Insurance notes that the Federal Bureau of Investigation has an Internet Crime Complaint Center at www.IC3.gov.

To view today’s complete Bulletin, click here.