Beware the latest email scam: Binary Tilt clients are contacted by email or phone and asked for their credit card details to process so-called “refunds.”
At Wealth Recovery, we always keep our eyes peeled for developing scams and a lot of the times our clients are the informants. Yesterday one of our clients forwarded us, along with their attorneys, an email they received from someone claiming to be from Binary Tilt’s finance department, requesting credit card details and identity documents.
This email appears to be a phishing scam. Phishing is when emails are sent from supposedly reputable companies to extract personal information like credit card numbers, passwords or identity documents.
Reasons This Is A Scam
We can learn a lot about web safety from this email and how to tell if an email might be fraudulent. Here are seven reasons this email is not from Binary Tilt.
1. The email address – This email is sent from a Gmail account and not a company email address.
2. No company logo or representative – This email lacks a letterhead and doesn’t have any contact details at the end. This email is also not signed by a specific person.
3. Vague reasons – the email states that clients need to send their details due to regulations, which are not named or explained.
4. Credit card details – Refunds can be executed without having your complete credit card details. Only the last four digits are required. The CVV (Card Verification Value – the three digit security code on the back of your credit card) is not needed at all for a refund to be processed. Copies of identity documents or utility bills are also not needed.
5. Mistakes – The content has grammatical errors indicating that the scammer put this email together in a rush. For example, the word “withdrawal” is misspelled. Typically forms that need filling out would be attached as separate documents and not inserted into the body of the email.
6. Reply to this email – Clients are asked to respond to this specific email, a telltale sign of phishing. The request to reply to the specific email address indicates they do not have any more details or ways of contacting you.
7. Use of “Customer” – If a client’s details came from a real CRM – computer software that manages large volumes of clients – the client’s name would have been inserted by the email program. Real correspondence would have identifiable details included in the email, such as a name, account number, possibly an account balance since this email refers to a refund, or other unique details.
What You Should Do
If you receive this email or a similar email – don’t respond. Mark the email as spam, and block the email address. You could also report the scam to your local authorities.