Safe Wire LLC

07/23/2024

Watch out!

Scammers will use your personal information, especially if it is leaked, to target you.

If you are buying a house or making a big investment, scammers may send you fraudulent banking information, so you wire them the funds instead of the correct title company!

Unsuspecting victims are losing thousands of dollars to wire fraud trickery.

05/14/2024

Be careful out there. Learn some of the best practices.

THE FBI's Internet Crime Complaint Center recently released its 2023 Elder Fraud Report

04/02/2024

Wire fraud is impacting many future and ex-homeowners, investors, and companies. Most don't realize that they are at risk!

The common method of using phone calls is not secure! We explored the few existing solutions to safely send wire/ACH information and quickly realized their shortcomings. It's a lot to get started between significantly changing the workflow, being very expensive, and trusting them with your and your customer's data.

We use a Zero-Knowledge Architecture (end-to-end encryption, aka E2EE) to confirm banking information while keeping your data private. Think E2EE, like WhatsApp's encrypted messages, but for your banking information and client's data.

Join us in fighting against fraud.

03/31/2024

Here is what an actual wire fraud looks like:

Frederick City sent $280,000 to a fraudulent wire that made them believe it was one of their vendors. The money got lost and never recovered. Months later, the insurance finally had to pay $230,000, with a $50,000 deductible. Even with insurance, the city lost $50k and a lot of credibility. What if they had no insurance?

Could something like this happen to you? Do you buy or remodel a house, work with CPAs or lawyers, or send funds online? If yes, then you are also at risk.

Would you have a better chance of recovering the money? Do you even have insurance? Even if you did recover the money, could you afford to have it "disappear" for months?

It says it has managed to recover the $380,000 lost due the attack. William Donald Schaefer Building Frederick, Md (KM) The City of Frederick says it has recovered from a Phishing and wire fraud attack in November, 2023 related to the retro-fitting of the William Donald Schaefer Building into

03/21/2024

Wire Fraud is common. Especially with Real Estate transactions.

A day before Regina Smith was set to close on the house, she got an email saying to wire her $60,000 down payment to the title company. It was a scam.

03/20/2024

As a follow-up to yesterday's post on fraud and personal info being hacked. Imagine scammers using these to fake your identity.

Actually, don't imagine. Assume that they use the same tactics against you or the services you use.

03/19/2024

Yay! Our personal information was leaked in a breach. 🥲

More seriously, register to haveibeenpwned.com to keep track of all public breaches that had your information. You will thank us later.

02/18/2024

Wire Fraud is so prevalent that even cities are becoming victims!

The city of Frederick was the victim of wire fraud in connection with a project to create a new police headquarters, a city spokesman said.

02/12/2024

Advice: If you are a victim of wire fraud, and you think the bank will help you, think again.

Most banks will assume that you are responsible for the fraudulent operations. Even when they make a mistake, it can be an uphill battle to have them help you, even more so to get back the funds.

A CHASE customer has claimed that over $80,000 was completely cleared from their account and was told by the financial services company that they were to blame. In December 2022, real estate agent …

01/26/2024

Wire Fraud is real, and it is getting worse every year.

It is so bad that even State DOJs are issuing warnings.

This shows why we are so passionate about preventing financial fraud. Fraudsters are getting more sophisticated. It's time the industry has solutions and technologies to protect homeowners and investors.

NORTHEAST OREGON – (Release by the Oregon Dept. of Justice) Buying a new home is ...Read More

01/24/2024

"Don’t ignore this article. This could happen to you."

This sentence in this article could not be more fitting. BEC (Business Email Compromise) is growing. Fraudsters are getting smarter, and they leverage better tools. This article was from 2017, and since the threat has grown significantly. Additionally, AI will make things worse.

Companies need to take steps to prepare against and prevent wire fraud. People are often overconfident and think that will never happen to them. But at some point, we let our guard down, we make a mistake, and there is an extreme cost of being a victim of fraud or scam. Don't let that happen to you.

If you’re involved in real estate or if you move money through banks or if you’re alive and have a pulse, this article should strike fear into your heart.

01/24/2024

SafeWire was developed to reduce the causes of recurring fraud issues when wires are being sent and received.
We grew frustrated by various industries' inconsistent, lax, and often insecure wire verification methods.

Despite Wire Fraud being rampant in the financial world, we lack adequate tools to protect against fraudsters.
As Fund Managers, we receive many wires from investors and send ourselves many wires, too.
It is quick to realize that most people don't verify the banking information (even when they send $100k wires or more!) because it takes too long, it's unavailable 24/7, or there is no consistent and easy way.
The companies doing the banking verification take this process as a necessary evil, at best, and a waste of time away from their core business, at worst.

It ought to be more straightforward and secure, so we built SafeWire.