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Fax Fraud Facts…or…Fraud Fax Facts
A wire transfer received over a FAX machine was found to be fraudulent…after the wire had been sent. The letterhead and the signature had been lifted from other documents, pasted together, and sent over a fax machine as a complete and original page. The wire was not retrievable, and the financial institution lost several thousand dollars.
FAX machines are a great convenience, but faxed documents should not be accepted as being official without checking sources, and verifying by other means.
Sending out confidential information over the FAX machine is another inherent danger. If a wrong number is dialed, or if the receiving machine is in a public area, there could be a large problem in relationships, to say nothing of financial privacy limitations.
Used wisely, the FAX has made our lives much easier and information more readily available and communicated. But don't disregard the security risk in them!
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 11, 11/90
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