Fraudulent Use of Wire Information

[bluemartinifan]

Hi All,
I have bought and sold several watches on the forums via sending or receiving funds via bank wire. Never thought much of sending my wire instructions to a buyer (including my bank account number and routing number) - until I had a buyer back out on me today - after I had sent this info.
I started worrying what this person could do with this information so I went to my bank and put certian controls in place - but I am still worried....

Am I worried over nothing? Can buyers with this info remove funds from a bank account?
Is this a concern - or am I over reacting? Do you use a bank account that is set up strictly for watch transactions - instead of a primary checking or savings account?

[sleddog]

Originally Posted by bluemartinifan

Hi All,
I have bought and sold several watches on the forums via sending or receiving funds via bank wire. Never thought much of sending my wire instructions to a buyer (including my bank account number and routing number) - until I had a buyer back out on me today - after I had sent this info.
I started worrying what this person could do with this information so I went to my bank and put certian controls in place - but I am still worried....

Am I worried over nothing? Can buyers with this info remove funds from a bank account?
Is this a concern - or am I over reacting? Do you use a bank account that is set up strictly for watch transactions - instead of a primary checking or savings account?

A good question.......One that I'm sure our top sellers can reply to with the best info available!

Personaly, I don't believe it's a concern unless they have direct access to your online links!

[HL65]

No they can't!! Not a concern or at least one you should have!!

[Numismatist]

With an ABA routing number and an account number, if they have access to ACH capabilities (a lot of businesses that bank online do), they can extract what they want. It is illegal of course, so you would have some recourse.

I have a secondary account that I use, and I withdraw funds as soon as they come in, so the accuont is always empty.

[Lol-x]

My understanding is that if someone merely has your bank account number and name they cannot withdraw monies from your account.

However if he has the bank account number and name of a credit card that could be used to withdraw funds from that credit card account.

[drtooth73]

wire info is the same info as on your check, but to be on the safe side, i do the same as Chris, the Numismatist

[MonBK]

Originally Posted by drtooth73

wire info is the same info as on your check, but to be on the safe side, i do the same as Chris, the Numismatist

X2

You give out that information every time you write a check as your name, account # and routing # is printed on your checks and nobody but you can extract money from it.

[bluemartinifan]

Originally Posted by drtooth73

wire info is the same info as on your check, but to be on the safe side, i do the same as Chris, the Numismatist

Thats what I thought - I have written 6700 checks in the past 15 years with no issue - but it just hit me - after giving my wire info - the buyer flaked.

Thanks all - I always feel better - or at least have beter info once advice and feedback rolls in from TRF

[George Ab]

Originally Posted by Numismatist

With an ABA routing number and an account number, if they have access to ACH capabilities (a lot of businesses that bank online do), they can extract what they want. It is illegal of course, so you would have some recourse.

I have a secondary account that I use, and I withdraw funds as soon as they come in, so the accuont is always empty.

I like it! Thanks Chris.