Why are Americans afraid of wire transfers?

[Krynn72]

Giving your bank-details is risky, identity theft is a real problem. I remember 3 specific incidents where someone called my parents & I picked up the phone and they asked for bank-account details, claiming we won something, or were supposed to get some money back, or claiming to be with some bank.

When I pressured them for their contact information, saying I needed to look them up then call them back directly, they tried to skirt the issue, taking about unrelated stuff. Not to mention, their no-so-perfect use of English made it more suspicious.

I don't know what someone can do with just your name and bank account information (although that info is usually contained on a check), but I've witnessed scammers trying to get that info. I guess maybe the only thing missing was a social security number. That reminds me, I've always wondered about putting your SSN on job applications, I've usually skipped that line unless they're ready to hire me though.

lol, i fell for one of those once. I didnt even realize it until i read your post. It was awhile ago, and was when exxon (the gas station) was having a thing where if you buy gas with your debit card then you could win a Caddilac. I got a phone call about a week after I heard of it and started going to exxons, saying I was in a raffle to win a Cadillac XLR. All they asked for though was my phone number and age, so idunno if it actually was a scam. Maybe they planned on following up later but never did.

 

[Mr-Fusion]

Why do black men have such mammoth penii?

 

[Druckles]

I guess, unlike you guys, we enjoy our identity to be ours and ours alone. I'd be worried if I didn't know where my shit was going. It's like giving your wallet to a stranger and saying "make sure you bring it back full of everything it has."

No. It's not. It's quite simply nothing like that. You might as well say "Oh, can't pay any money into the bank, they might steal it".
I'm just careful with who I give my bank details to.

 

[K e r b e r o s]

1.I could be a terrorist owning a store, and by buying stuff from the store you're directly funding terrorism.
2.There's a border between security and paranoia, and your theory crossed that border only to be secure, but lacking a bit in life.

1st Sentence -- It's been done before and we're usually good at catching this. There's also a border between a, "store funding terrorism" and an, "scammers oversea's account", in that the criminals funding terrorism through they're business local to the country they're operating in, have yet to send whatever money they've earned, either electronically, snail mail, or smuggling.

That's where they get ambushed, as the governments honed they're ability to track illegal wire transfers aswell as being aware to, "Human Rights Flush/Terrorist" organizations that appear as charity to lure the geo-politically unaware into sending them sympathy money, believing they're 0.80$ a day is actually helping some malnutritioned Somali kid.

Why are you so concerned about people being prudent?

2nd Sentence -- I beg to differ -- even in a socialism, money is life. You can't buy an apartment with a good personality, because a good personality lacks currency. And currency is whats needed by the apartments caretaker to continue his business in providing room and boarding to those who need it.

You're not loosing freedoms by wanting to protect whats rightfully yours. Infact, the freedom to do that in of itself is what flaws your conclusions almost directly, if not immediately. I'd be more concerned, if I where you, on how to protect you're income and to be more aware of the crimes and criminals that are dedicated to cheating you out of it. Thats not paranoia -- its a simple First Person Shooter hack I'd like to call, "Situational Awareness".

I'd expect any reasonable person not to be that gullible.

 

[Maxi]

1st Sentence -- It's been done before and we're usually good at catching this. There's also a border between a, "store funding terrorism" and an, "scammers oversea's account", in that the criminals funding terrorism through they're business, have yet to send that money either electronically or by some sort of snail mail or smuggling.

Why are you so concerned about people being prudent?

2. I beg to differ -- even in a socialism, money is life. You can't buy an apartment with a good personality, because a good personality lacks currency. And currency is whats needed by the apartments caretaker to continue his business in providing room and boarding to those who need it.

You're not loosing freedom by wanting to protect whats rightfully yours. Infact, the freedom to do that in of itself is what flaws your conclusions almost directly, if not immediately. I'd be more concerned, if I where you, on how to protect you're income and to be more aware of the crimes and criminals that are dedicated to cheating you out of it. Thats not paranoia -- its a simple First Person Shooter hack I'd like to call, "Situational Awareness".

You are absolutely right, however when you are afraid of someone stealing your money when they find out your bank account number is as likely as someone stealing your money if they find out your safety deposit box number, possibly even less.

And when sending cheques the same info is on them AND your signature. You're not any safer using cheques than wire transfers.

 

[K e r b e r o s]

You are absolutely right, however when you are afraid of someone stealing your money when they find out your bank account number is as likely as someone stealing your money if they find out your safety deposit box number, possibly even less.

However, people are more concerned about being tracked or located by a criminal for robbery in person.

You're not any safer using cheques than wire transfers.

You're actually a little bit safer if you go through the following steps:

a. Do I know where I'm sending this?
b. Do I know whose supposed to receive this?
c. Have I met them before?
d. Is this going to be a secure transfer or method of sending this money, fast and accurately?
e. How can I track the progress of it? (Some people send money via FedEx).
f. What can I do if I found out that during the progress of this money being sent, it was diverted elsewhere or lost?
g. Is this the persons real account number, does it check out?

You don't have to do all of this, but things can become a lot safer and more 'free' when you pay attention to certain details.

Read this:

http://www.nclnet.org/news/2007/2006_fraud_trends_01232007.htm

 

[Druckles]

a. Do I know where I'm sending this?
b. Do I know whose supposed to receive this?
c. Have I met them before?
d. Is this going to be a secure transfer or method of sending this money, fast and accurately?
e. How can I track the progress of it? (Some people send money via FedEx).
f. What can I do if I found out that during the progress of this money being sent, it was diverted elsewhere or lost?
g. Is this the persons real account number, does it check out?

Is that for Cheques or Wiring?

 

[Maxi]

That sounds more like cheques than wiring

EDIT: that link is about check fraud, so I guess that list is for cheques.

 

[Pesmerga]

Speaking of Identity Theft in the states, have any of you seen those commercials where that CEO guy of this one identity theft protection company plasters his social security number all over the TV, on the side of trucks and stuff?

It's hilarious that even he had his identity stolen. What a fool for being so confident.

Dude... social security numbers aren't "secret". Anyone who wants your social # can and probably will get it. The problem is that your social security number isn't going to get anyone very far with that alone.

 

[K e r b e r o s]

Dude... social security numbers aren't "secret". Anyone who wants your social # can and probably will get it. The problem is that your social security number isn't going to get anyone very far with that alone.

Social Security numbers should be kept very secret and I'll tell you why:

http://www.cnn.com/2006/US/05/23/vets.data/index.html

This can tell people more about "you", then they need to know. As for getting someone far, oh, it'll get you far enough.

You just need to know when or how to apply it.

 

[Druckles]

I'd go on a rant about people being to obsessively afraid about finding information about you. But it'll have to wait until monday. I'm going home.

 

[K e r b e r o s]

I'd go on a rant about people being to obsessively afraid about finding information about you.

People ... being afraid to find or know information ... about another individual?

Huh?

 

[Krynn72]

Druckles live in Cambridge?! OMG I DIDNT WANT TO KNOW

/shits pants

 

[Maxi]

Social Security numbers should be kept very secret and I'll tell you why:

http://www.cnn.com/2006/US/05/23/vets.data/index.html

This can tell people more about "you", then they need to know. As for getting someone far, oh, it'll get you far enough.

You just need to know when or how to apply it.

Um they PROBABLY got those numbers some other way than ASKING the veterans. Atleast in this country authorities share our Social security number all the time.

 

[Pesmerga]

Speaking of Identity Theft in the states, have any of you seen those commercials where that CEO guy of this one identity theft protection company plasters his social security number all over the TV, on the side of trucks and stuff?

It's hilarious that even he had his identity stolen. What a fool for being so confident.

Wikipedia states

SSNs used in advertising have rendered those numbers invalid. One famous instance of this occurred in 1938 when the E. H. Ferree Company in Lockport, New York, decided to promote its product by showing how a Social Security card would fit into its wallets.

So that man's number was invalidated and probably had to use a new one. Source

Despite this, it is not illegal to not have a Social Security Number. The SSA (Social Security Agency) says that when asked to give a SSN, you should ask which law requires it.

Wikipedia on Wire transfer security

Additionally, information contained in wires is transmitted securely through encrypted communications methods. The price of bank wire transfers vary widely depending on the bank and its location, and in some countries the fee associated with the service can be costly.

Wire transfers done through cash offices, however, are more-or-less anonymous and designed for funds transfer between persons who trust each other. It is unsafe to send money by wire for an unknown person to be collected at a cash office. The receiver of the funds may, after collecting them, simply disappear. This method of scam has been often used especially in so-called Nigerian letters, also known as advance fee fraud or a "419 scam".

Transfers in the United States are subject to monitoring by the Office of Foreign Assets Control, or OFAC. OFAC monitors information provided in the text of the wire to determine if money is being transferred to terrorist organizations or countries or entities currently under sanction by the United States government. If a financial institution suspects that funds are being sent from or to one of these entities, they must block the transfer and freeze the funds.

Source

 

[kirovman]

Social Security No. is like a National Insurance No., right?

 

[Qonfused]

Those silly Americans don't know anything. They are all filled propaganda by following that leader of theirs and watching that television set. I must make this post short because I need to return this tea cup to the kitchen, then brush my wood-pieces for teeth. Jolly good chat we've had.

 

[Fliko]

1st Sentence -- It's been done before and we're usually good at catching this. There's also a border between a, "store funding terrorism" and an, "scammers oversea's account", in that the criminals funding terrorism through they're business local to the country they're operating in, have yet to send whatever money they've earned, either electronically, snail mail, or smuggling.

That's where they get ambushed, as the governments honed they're ability to track illegal wire transfers aswell as being aware to, "Human Rights Flush/Terrorist" organizations that appear as charity to lure the geo-politically unaware into sending them sympathy money, believing they're 0.80$ a day is actually helping some malnutritioned Somali kid.

Why are you so concerned about people being prudent?

2nd Sentence -- I beg to differ -- even in a socialism, money is life. You can't buy an apartment with a good personality, because a good personality lacks currency. And currency is whats needed by the apartments caretaker to continue his business in providing room and boarding to those who need it.

You're not loosing freedoms by wanting to protect whats rightfully yours. Infact, the freedom to do that in of itself is what flaws your conclusions almost directly, if not immediately. I'd be more concerned, if I where you, on how to protect you're income and to be more aware of the crimes and criminals that are dedicated to cheating you out of it. Thats not paranoia -- its a simple First Person Shooter hack I'd like to call, "Situational Awareness".

I'd expect any reasonable person not to be that gullible.

I agree for the most part, but I still find it unneccesary to be afraid of wire transfers. If your under an encryption and the company doesn't store your info or store it in an unsecure place your pretty much fine.

 

[phantomdesign]

In the US, there's a lot a person can do with your social security number, including accessing your money at many US banks, get credit-cards in your name, and more.