Contractors Are Losing Millions to Digital Scams. Don't Be Next!

I don't know.

I just had a situation with a contractor last month.

They were transferring $300,000 to a supplier for some pipe, and it was a fake invoice.

But they were able to get to the bank quickly and stop it enough to get $250,000 back.

And then we had coverage for the other $50,000 in place.

So all in all, it looks like this claim is going to cost them about $3,000.

instead of $300,000.

But how they're doing it, Wade, is incredible fakes, fake documents, fake logos.

You can always study them and see something's a little bit off on them.

I don't know why that is, but they look pretty darn real, especially on these invoices.

Yeah, we can talk about the ways they get in there, like with email or whatever.

But I had one, somebody reached out on my website and wanted to book a call, like as a prospect.

And they were really pushy on, you know, a meeting with me that morning or whatever.

It came in over the weekend.

They were saying, I can't use your link.

Zoom doesn't work for me.

Let me use Teams.

And they sent over their Teams.

And it was malware.

And luckily I caught it and I knew what they were doing, but stuff like that happens all the time.

And if they're getting into your computer or I think the first thing that you were going to bring up was that email compromising thing.

Yeah, it all starts with fishing, with a PH, not fishing.

So they're fishing for information, and they're hoping to get you to bite.

Man, it always seems, Wade, that there's always some hurry involved.

Anytime anybody's in a huge hurry, seriously, how many times do your friends and kids get thrown in jail and need to be bailed out? Right.