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How to spot and avoid fraud targeting lawyers.
Beware if you receive an email indicating that your IOLTA account has insufficient funds to pay an outstanding check. It is likely a scam. While you are in panic mode, you follow the directions in the email and now the trouble begins. NB|AZ will not contact you in this manner. If you receive an email like this please contact NB|AZ at 800.497.8168 and forward the email to your NB|AZ banker.
Another fraud targeting lawyers is a change in payment instructions. Your client's matter has settled and you agree to mail them a check or wire funds. However, you receive an email or call from them requesting that you wire the funds as they will be on vacation. Before making any changes to the payment method or address, verify directly with your client by phone or in person that they requested those changes. Use a phone number you know belongs to your client and not just one that is provided in the same email as the requested change.
The most common fraud is more sophisticated and daring. "Client" contacts you, the lawyer, for a matter such as collecting a debt, purchasing property, collecting on a divorce settlement or a breach of contract. The client is likely to be out of the state or country. The majority of the communication will be by email. However, there may be limited phone contact as well.
Red flags it may be a scam:
How to avoid these scams:
How to handle counterfeit checks:
Contact your personal NB|AZ contact, call 800.497.8168 or report it.