Even a savvy millionaire can fall victim to a phishing email scam as “Shark Tank” judge Barbara Corcoran recently discovered.
Corcoran, who has made millions investing, including in real estate, recently said she was the victim of a phishing email scam when her bookkeeper wired $388,700 to a fraudulent bank account in China. She said the phishing email came from an email address similar to Corcoran’s assistant and included what seemed to be a routine invoice.
Fortunately for Corcoran, she was able to alert the German-based bank used to wire the money that it was a scam and the transfer was frozen before it was deposited into the fraudulent bank account, located in China. She was able to recover her money.
Unfortunately, criminals are becoming more and more sophisticated with their phishing email scams. These scams rely on deception, so it’s important to know what red flags to look for to detect and prevent a phishing email scam. Red flags include spelling errors, slight variations to an email address, an unexpected attachment and creating a sense of urgency. When in doubt, contact the sender directly to confirm he or she sent the email and never open attachments from an unknown source.