Each week I have phone call from wire fraud victims. Email fraud, wire fraud, identity theft are becoming more and more common in the area of internet banking. This video shows few simple things you can do to be protected against wire fraud.
Hi, here is EC with sbl.com. I have many victims of wire fraud. Many people use online banking. If you use online banking facilities, you can be sure that your bank has very strong agreements with you. You are responsible for all the risks. All liabilities are on your side. Last week I had a wire fraud victim on the phone. He lost all his entire retirement money.
He is 59 years old and he lost his pension money stolen with fabricated and fraudulent payment instructions. That’s a financial disaster for him. It will be hard work to recover his money. My client has to be happy if we can recover a substantial part of it. Due to the bank-friendly online banking agreements it can be difficult to prove negligence to the bank. 100% recovery is an exception.
Much better is to prevent and fight wire fraud. If you have a Swiss bank account with your dedicated Swiss banker it is very easy to make wire fraud impossible. You have just to instruct your dedicated account manager that all transactions above USD 10’000 are subject to a written approval submitted by fax in conjunction with a personal phone call with you confirming the transaction.
You should agree on both: fax and personal phone call. Instruct your banker that the confirmation will take place always with the same telephone number. It will be very difficult for a criminal to falsify your voice and misuse your telephone number previously agreed. The instruction of your banker has to take place physically in the building of the bank with a face to face meeting. Do not send such instructions by email or fax, otherwise the fraudster can submit to the bank his own instruction.
A well-placed banker within the bank or a frontline teller has access to your confidential information and steel your identity. Therefore, it is important to deal with a senior banker. I introduce my clients exclusively to senior bankers, to bankers I trust, to bankers I work since many years. If you want to spend some small money in additional security, you can ask for a numbered account. Numbered accounts were previously used for tax evasion – in the good old times of Swiss banking. Today, you can use Swiss numbered accounts to limit the access to sensitive information. Using a numbered-account you exclude the access to frontline tellers. The access to numbered accounts is limited to few senior managers of the bank. A very important tip is to deposit a different signature on your signature card. Make a completely different signature on the signature card. Use this specific signature only for payment instructions.
Let me give you an example: Instead to sign with your normal signature, you should use a specific signature reserved for payments only. Use a signature reflecting your full name including your additional names or your middle initial. Invent a specific signature with your other additional names you never use normally. Instead of using Francis Drake you will use Francis William Harry Drake, for example.
A very important tip is to use a new account with small money for your payments and a segregated account with big money. If you are the victim of email fraud, identity theft or wire fraud, pick up the phone now and dial +41 79 790 44 44 and speak with me how to recover your money. I will analyse your case with you. We have to determine the bank’s negligence. We can file a criminal action in case of internal irregularities within the bank. We will use the outcome of the criminal investigation to reach a settlement with your bank. Be rich and remain rich.
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