Sears nearing the end? 66 more Sears and Kmart stores to close

Even as Sears Holding Corp. announced 66 more store closings this week, experts say more are in the offing.Sears’ announcement involve 49 Kmart and 17 Sears stores nationwide. Three are in South Jersey: a Sears in Vineland, and Kmarts in Mantua, Gloucester County, and Manahawkin, Ocean County.Three Kmarts in western Pennsylvania — in Belle Vernon, Indiana, and Butler — also will close. No Sears stores in Pennsylvania will be affected in this round of cuts, [...]

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Home Buyers, Beware: Wire Fraud Is on the Rise

Imagine you’re getting ready to close on your first home. You receive the closing paperwork and take special care to ensure all the details are correct. But, on the way to the bank, something funny happens – you receive alternate instructions on where to transfer your down payment.

You call your realtor and title company to confirm these details, but never hear back from the title company. You do talk to your realtor, but she doesn’t set off any alarms. Running out of time, you rush to the bank at the last minute, careful to get the wire transfer details correct for your $52,660 down payment.

As you head to the closing meeting, however, your realtor calls to ask where you’re at.

Why? Because your wire transfer hasn’t registered yet, apparently.

Sh*t hits the fan. As you head to your closing meeting, you find out the last email you received wasn’t from the title company at all, and that you’re the victim of a scam.

Somehow, fraudsters impersonated the company’s letterhead, intercepted your emails, and sent you phony documents. The money you sent? It went directly to a scammer’s account with Bank of America.

And now, it’s gone.

If this sounds crazy, that’s because it is. Yet, stories similar to this one play out all over the world, all year long.

Recently, it even happened to a popular financial blogger, Shannyn Allan of FrugalBeautiful.com. That story I just shared? That’s precisely what happened to Allan, a single gal who spent years saving up a 20% down payment so she could buy a new home.

According to the Federal Bureau of Investigation (FBI), wire transfer fraud is up substantially in the U.S., accounting for $5.3 billion lost to various wire transfer schemes.

It can happen to anyone, whether it’s an employee who’s conned into wiring business funds into a fraudulent account, or a new homeowner scammed into sending cash straight to fraudsters.

When Wire Fraud Happens to You

While Allan definitely has some regrets (chief among them: Why couldn’t she have waited to speak to the title company first??), she says a lot of things had to go right for her to become a victim of this scam.

First, the scammers were great at impersonating the title company – so great she had no idea the documents were fakes. Allan says she had no reason to feel suspicious about it either – especially since her realtor said not to worry.

“The title company hadn’t really gotten back to me in the flurry of activity the day before my close. I tried to call but hadn’t heard back,”says Allan.

The “last-minute change” email she got about the wire transfer was received on her phone, she says.

“I thought it was weird and asked my agents why the title company would change information so last minute, or if it was their policy to change banks for wires over $10,000,” says Allan. “But they apologized for the pain in working with the title company and didn’t catch it.”

Since Allan was already stressed over the home purchase and missing work to go to the bank, she went ahead with the transfer. Fortunately, Allan and her team realized what happened within a few hours, making it possible for them to report the fraud to the police, the FBI, and the two banks involved (Chase and Bank of America).

After weeks of uncertainty and a ton of social medial blasts and phone calls with both Banks, Allan was finally able to recover her funds and close on her house.

Now Allan wants to spread the message so other home buyers don’t fall victim to this scam.

• Related: Simple Steps to Avoid Identity Theft

How to Prevent Wire Fraud

While Allan was fortunate, it can be difficult to recover wired funds – so preventing wire fraud is key, says scam prevention expert Justin Lavelle of Been Verified.

“The hackers will say there’s been a change to the wiring instructions for the funds for closing and instruct the buyers to send the funds to a different account, which really belongs to them.” Your bank account could be cleared out in a matter of minutes, and you’re not likely to get the funds back.

“Email is not a secure way to send financial information, so never respond to an email requesting money or wire transfers,” says Lavelle.

To find out more about wire fraud and how to prevent it, I spoke to Bruce Dorris, vice president of the Association for Certified Fraud Examiners.

According to Doris, most spoofed email is recognizable if you know what to look for. “Think before you click,” he says.

Spoofed emails often look close to the original but have some discerning features that make fraud more likely. The author might ask to get a response at a generic email address (like a gmail account), for example. Or, like in Allan’s case, they may ask for money to be sent somewhere different at the last minute. In hindsight, that should have set off some red flags.

“Be cautious and smart before opening suspicious email,” says Dorris. “But stay skeptical even with email allegedly sent by people and businesses you know, as a fraudster can cleverly disguise and spoof known companies.”

You can also hover over links and email addresses with your cursor to see the real URLs behind them. (Just because the text of a link says BankofAmerica.com doesn’t mean clicking it will take you there.) If the destination websites aren’t affiliated with the sender’s usual domain — for example, if hovering over links in an email that’s supposedly from your bank reveals odd or unrelated websites instead — that’s a red flag.

“That is a strong indicator not to click,” says Dorris.

Also, when it comes to wire transfers and other immediate and usually permanent methods of moving money, call to confirm all the details if something seems off. And, don’t wire the money if you can’t confirm details with the title company or the party initiating the transfer.

When it comes to Allan’s situation, it was hugely disappointing to find out she spoke to her realtors about the wire transfer change and they never warned her of fraud. She did the right thing, and still had her money stolen.

 

What to Do When You’re a Victim of Wire Fraud

According to the experts, Allan was lucky she was able to act so quickly. Because she filed reports with the police, the FBI, and both banks within an hour, the wire transfer was mostly stopped in its tracks.

It did take a few weeks to get the $52,660 back in Allan’s hands, but the delay was mostly due to bickering among banks over the logistics of returning her money.

“If you suspect the fraudsters behind the email are about to drain your account, call the financial services business that you’re doing business with immediately so that it can put a hold on your account and freeze any transactions,” says Dorry. “Minutes, even seconds, matter in transactions like this, and assuming the financial institution hasn’t already stopped or suspended the payment, immediate information from you will help tremendously.”

Allan, who is trying to enjoy her new home in light of the wire fraud nightmare, says she’s pushing for changes on the title company and realtor level. With wire fraud on the rise, it’s crucial for professionals involved in these transactions to warn consumers about what to look for.

“A warning, any warning, would be easy and free- yet I don’t know why companies don’t do it,” says Allan.

The bank Allan used is also making changes at the branch level to confirm wire information for customers and verify the sender’s information independently, she says. “I hope that banks as a whole will do this.”

The craziest thing Allan says she learned from this experience is that most people don’t get their money back. If she had waited a few more hours before reporting the fraud, her money may have been gone for good.

During the midst of her ordeal, Allan’s friend sent her the link to the story of a Minnesota couple who lost $200,000 through the same type of scam. They wired the money to buy a new home closer to their grandchildren, and they may never see their money again.

In an interview of Kare 11 in Minnesota, Jeffrey Van Nest of the FBI’s Minneapolis office says they’ve tracked approximately 14,000 victims of this fraud in the United States with losses approaching $1 billion. “And so it’s becoming a very big issue for us,” he said.

The Bottom Line

At the end of the day, it’s up to each of us to remain vigilant. Scammers are like chameleons, and they’ll continue changing just as we change the rules. So, if they can’t get your cash by impersonating your emails, it’s possible they’ll create another fraud.

“If a scammer scraped your information and Photoshopped their information into your closing statement, why wouldn’t they use a free service like Google Voice to come up with a fake number and impersonate your title company?”

Don’t put it above a scammer to fake a phone call, notes Allan. “It’s really shady and hackers are getting smarter and smarter.”

Asked what she would do differently if she had to do it over again, Allan says she would avoid wire transfers altogether.

“Bring a cashier’s check” if at all possible, she says. It’s safer and costs less than a wire transfer anyway.

Holly Johnson is an award-winning personal finance writer and the author of Zero Down Your Debt. Johnson shares her obsession with frugality, budgeting, and travel at ClubThrifty.com.

Related Stories:

• Identity Theft Basics
• The Ultimate Guide to Wire Transfer Fees
• Here’s How to Send Money to Someone – Quickly, Easily, and Cheaply

Have you heard of this kind of fraud in your area? What steps would you take to prevent it?

The post Home Buyers, Beware: Wire Fraud Is on the Rise appeared first on The Simple Dollar.

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Freelance Writers Don’t Have to Be Broke — Here’s How to Make More Money

On a sunny afternoon last June, I stood in line at a buffet table at my friend’s wedding. Somewhere between the chicken marsala and the sautéed mushrooms, I struck up a conversation with another wedding guest. He asked me what I did for a living.

When I told him I had a freelance writing business, he replied, “Oh, so you don’t really need to work. I mean you can’t support yourself doing that, right?”

Like that other guest, many people have a mistaken belief that freelance writers don’t earn good money writing from home, but they are misinformed.

Smart freelance writers earn enough to pay their bills with plenty of cash left over to eat at great restaurants and take fun vacations. While it might not happen to you overnight, here’s how you can earn a ‘pretty penny’ as a freelance writer.

1. Specialize in a Niche

Put simply, a niche is an industry specialty like technology, travel, or finance.

And when you’re a specialist, clients will pay you a better rate for your subject expertise. It’s similar to paying more for a heart specialist than you would to see your GP.

Integrate technology writing into your niche and you can earn big bucks. And you don’t need to be a tech wiz!

I spoke with six-figure freelance Technology Content Marketing Writer, Jennifer Goforth Gregory who offered advice to new writers.

“Because technology is part of every industry, writers should look at their current niches and see how to add technology. Travel writers can write about hospitality technology; education writers about education technology.”

“Since you are writing for a non-technical audience, the most important skills you need are industry knowledge and the ability to ask technical experts the right questions.”

2. Skip the Content Mills and Bidding Sites

Content mills typically pay $5-$15 per article. If you write for them, you can end up earning less than minimum wage. These articles have to be written so quickly, they usually don’t make good portfolio samples.

Bidding sites are like eBay; customers shop for the lowest bidder. That might be okay for buying a second-hand watch but not for writing an original article.

3. Write a Killer LinkedIn Profile

With 433 million professionals registered on LinkedIn, this popular social networking site is a great resource. On LinkedIn you can connect with other professionals, join groups in your industry and make great contacts. But you need a good profile to make headway.

And here’s how to create one.

5 Actionable Tips to Make Your Profile Stand Out

• Upload a good profile photo. If you can’t afford a professional headshot, use a photo with good natural lighting.

• Put your specialties in your headline and be sure to add the word “freelance,” so clients searching for freelance writers can find you.

• Take time to write a compelling summary that showcases your skills and industry expertise.

• In the experience section, add links and images of work you are proud of.

• Ask your former supervisors, clients, and co-workers for good recommendations praising your abilities.

4. Join Professional Groups on Social Media

Networking opportunities are infinite with social media! You can connect with editors and find writing gigs on Twitter and discover content writing work and ghostwriting jobs on Facebook groups.

But my favorite social media site to date is LinkedIn. After getting serious about my LinkedIn profile, the site has proved to be a fantastic inbound marketing tool.

Now clients contact me regularly on LinkedIn and when I check the analytics on my writer website, the majority of traffic comes from LinkedIn. So, work on that profile! LinkedIn is a great marketing resource to have in your arsenal.

A caveat: When connecting with editors and industry professionals on social media, it’s best to take the time to build relationships. Read their posts and add comments that add value to the topic they’re discussing.

Never ask them for a writing job at first introduction, unless, of course, they are advertising for a writer.

5. Get Out of the House and Attend Networking Events

We all love searching online for contacts in our PJs, but meeting people face-to-face is a great way to drum up business. I attended a boat show, since one of my niches is boating, and schmoozed with a few yacht companies.

After leaving my business card, (always leave one) one of the marketing managers contacted me two weeks later and offered me a well-paying gig, and I accepted.

I learn about boating networking opportunities on industry websites such as boating industry news. And that’s just one. You can find important news and events for your niche industries through Google alerts. Visit the site, type in your keywords and Google sends news right to your inbox.

You can also join networking groups on Meetup and business network chapters in your local area that hold regular industry events.

6. Pick Up the Phone

Does the idea of ‘cold calling’ send chills down your spine?

A way to ease the angst is to write up a 20-30 second script that you can practice before you call. Focus on how you can help your potential client. Be proud of your talents. You have valuable skills to offer.

The best time to make calls is between Tuesday and Fridays. This gives the content manager, marketing manager or business owner time to catch up, as Mondays are usually busy (so are the first couple of days after a holiday break). It’s not advisable to call editors on the phone due to their busy deadline schedules, but most editors post contributor guidelines with an email address on their websites about how to pitch story ideas.

7. Negotiate Rates

The Art of Negotiation

Want a better rate than the client is offering? You can get it. That’s because you have a say in what you earn! If your client likes your work samples, you can often negotiate a better pay rate.

I’ve negotiated rates up several times when I’ve felt the client’s offer was too low. I’ve even had clients say no and come back a week or two later and accept my rate.

If you’re new to the art of negotiation, here’s a helpful article “10 negotiation tips for writers” written by Forbes writer and Freelance Writer’s Den community owner, Carol Tice.

Remember, when you start viewing yourself as a business owner rather than a writer for hire you’ll communicate your value and earn what you’re worth.

Always Work with a Contract

No matter what you do, always work with an agreement! Sometimes your client will have one. But if they don’t, write up your own. This way you’ll have your terms in writing to refer to in the case you and your client have a misunderstanding.

Always require a deposit when working with a new client. I ask for a 50% deposit before I start work unless I’m familiar with the reputation of the client.

When I’m working with a new client, I write up a 90-day contract. A short-term contract provides the opportunity for you and your client to see if you enjoy working together. It will also enable you to revise your project rate if you discover you’re putting in more hours than you intended to on the project.

Emails, meetings, and revisions can be time-consuming, especially when there’s a large number of people involved in what you’re writing. If you didn’t anticipate this extra time, you can add it to your project rate later when you renew your agreement in 90 days.

8. Write More than Blog Posts

Blog posts are cool to write because they’re conversational. But there are other writing projects that can bring in good money: consumer magazines, trade magazines, ebooks and more.

Check out Freedom with Writing’s list of 67 magazines that pay writers $100 or more and websites that pay $200 per article.

Contrary to popular belief, you can make fantastic money as a freelance writer when you specialize in a niche, become a networking pro, and market to the right clients.

Follow these tips and soon you’ll be packing for that Hawaii vacation you’ve been dreaming about and sipping on coconuts through straws in the tropical sun.

Stacy Sare Cohen is a freelance content marketing writer. She’s worked for big brands and specializes in personal finance, travel and tourism, hospitality, real estate and tech.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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