How You Can Make Safe Financial Transactions

Warning

NOTE: “I am trying to help people make safe financial transactions but I take no responsibility for anyone’s financial loss. Reading and following this information is done at your own risk.” — HC

Introduction

“The criminals hack into the email chains between sellers and buyers and their solicitors and estate agents. The fraudsters then send an email – usually on the day of sale completion – informing the parties that bank account details have changed at the last minute and that money should be deposited in a different account.” – Robert Mendick, and Nicole Blackmore, The Telegraph

The news is telling us about people who have been defrauded while making financial transactions where they have to exchange large sums of money, particularly when purchasing or selling real estate. This has made me think through the issues and give my two penny worth of advice about how to make safe financial transactions, particularly when email is involved. In particular I refer to the use of Digital Certificates otherwise referred to as Digital IDs (Identities) when sending emails.

Digital Certificates are used to digitally sign an email. When the process is performed correctly by all parties it would take a really massive effort by a fraudster to make his fake email appear genuine.

I cannot deny that steering clear of computers, mobile phones and other forms of IT would be the safest way. Beware of information passed in a phone call too. That could be fraudulent as well.

“We are getting more and more instances of this. The outcome for the fraudster is tremendous. They can earn £1m on the sale of a house in the south-east.” – Steve Proffitt, deputy head of Action Fraud. (Quoted from The Telegraph)

This Article About Safe Financial Transactions Covers:
  • Methods used to get people’s money by using fraudulent communications,
  • How to avoid being persuaded to send money to a fraudsters account,
  • Use of email Digital Certificates (Digital IDs).

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