Tag Archives: Wire Fraud

August 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …

Hello and Welcome to our August 2020 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!

Newbies –

We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!

Hope you enjoy!

August – 2020 Video (YouTube)

Financial Planning Tip  –

Mysterious Form 5498

In a luckily timed post (two showed up in the mailbox the same day of the reminder) here we discussed the extra late arriving Form 5498.

This is a confusing settle up form that requires not action other that to add to your tax file in order to avoid unnecessary taxes!

Fraud Wire Delay Reminder

In this post we remind those setting up new Wire/Linking instructions to financial accounts, especially non liked titled accounts to be careful and have patience.

Fraudsters are attempting to take advantage of the situation!

Capital Market Comments

Gone Too Far

You know us to be very positive – all through the many negatives that have occurred !

You also know we will call it like we see it!

Markets have officially gone too far and are ahead of themselves, expect bumps and no extra risk taking is warranted at this time – CAREFUL!

Have a Great August Update!

Talk to you at the end of September!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

Fraud Reminder When Wiring to NEW Linked Accounts … Friday!

One thing the lock down has done in our financial world …. many working remote and from a non-office location ?

Fraudsters are circling the boat!

Fraud Reminder When Wiring to New Linked Accounts

Financial institutions, present parties included … have been forced to take extra precautions when sending money … ESPECIALLY non like titled accounts – What?

A non-like titled account is any account that does not EXACTLY match your current account title – i.e. Seller of home, child, relative, entity such as LLC, Corporate/Business account, spouse with a different name –

Anything not exactly matching is going to take time to set up due to the Fraudsters sharking around !

Just be patient and certainly give yourself extra extra time to make the transaction…. much better safe than sorry!

Ahhhhhhh (that was an extra long one) today is a Friday – Have a Great Friday and SUPER weekend!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



Real Estate Transactions Wire Fraud Alert!

It is no surprise the creative bad guys sitting behind computer screens somewhere have found another weak spot in the system. The problem with this one is, it is usually of size.

Real Estate Fraud Alertfraud-2695269_960_720

One of the larger financial transactions many of us make are the purchase of some type of Real Estate. With money, paperwork, and stress sloshing around, it is no wonder the bad guys have squeezed into this arena.

Here is what is going on:

  • After a hack into the system somewhere-
  • Email is sent to one of the parties, stating there is an updated wire account number-
  • In the foray of movement one party fails to verify the new account information-
  • Bam, the funds are wired and disappear-

How to stop it:

  • Confirm ANY email change with your opposite party-
  • Call one last time and check “In Person” with the other party before wiring – just to be safe
  • Get your Fed wire number confirmation after the wire-
  • Confirm your receiving party did in fact, receive the funds

If it is convenient, a cashiers check may be easier/safer– but hold on tight to that check after issue and double confirm how to make the check payable if this is the way you choose to go.

While the above steps look simple, and the bad guys easy to spot, in the heat of the moment, things can slip through the cracks.

Measure twice, cut once!

Have a great “Less Fraud” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.


November 2013 Capital Market Review (Video)

At the end of each month we like to look back at the more important and dramatic events of the prior to highlight our thoughts and verbalize them in greater and more personal detail with Video commentary. Past Video’s can be found here on our Monthly Review Video tab . As a living digital diary we look forward to reviewing in the future.

Here we go for a November 2013 review!

Click Here If Video Is Not Showing

In suspender with belt like fashion, if neither of the above are working, click here!

Welcome Janet Yellen, Now Get to Work

As of February 2014, Ben Bernanke will depart his position of Federal ReserveBernanke Yellen Chair (some say one of the most powerful positions in the world…I digress). The early portion of Big Ben’s term was horrific, challenging, and down right scary at times. That was then, and this is now, as of late we have ridden the wave of stimulus through asset purchases as Big Ben rides into the sunset…or more likely authorship and speaking engagements. Enter Mrs. Yellen, from our perch her term appears to begin with the removal of stimulus. Good Luck, we will be watching interest rates closely …. 4% may be just around the corner.

10 Year Treasury 12-2-13

4% looks reasonable… looking longer term!

NSA Spying /Security Breaches…

Interesting, we think the story is still being written on this as more NSA revelations become public. There is no easy way say “We all do it !“, while only the USA has been publicly reprimanded. Through our international contacts we have found it to be a big deal from those being spied upon. We throw no blame and have no insights to the complexity of this issue. We will keep a watchful eye as shareholders of world exporting companies for tougher international competition in certain situations. Nothing major YET …. these things usually become bigger at a time of crisis.


Wire Fraud Alert, All About the Password

Lastly we noted the increase in on-line fraud with a modern-day Bonnie and Clyde like boldness. Unknowingly of the macro increase we wrote about this in our latest newsletter only to be repeatedly informed through industry associations and our various vendors. It is real, and while not with a gun, it may cost more than an old style “Bonnie and Clyde” robbery.


Bonnie & Clyde

Have A Great Day!

John Kvale CFA, CFP

8222 Douglas Ave # 590
Dallas, TX 75225

Wire Fraud Update — They Are Getting Bold … Explosion of Attempts

If you, your family, children, or any other email you control does not have a password with at least one symbol (preferably two), large, and small capital letter, PLEASE go change it right now …….. We will wait …… Still waiting ………


Wire FraudIn completing this article I went to ALL of my personal, junk, duplicate, and kids emails and upped the strength of the passwords, including Google+ and others. While it took more than a minute or two, given our recent findings (to follow) ….  well worth it!

Wire Fraud Update

Casually from our personal experiences over the last year we mentioned here in a post and here in our latest newsletter that Wire Fraud is on the increase. Little did we know it is not increasing it is exploding.

Take note, here are examples of what these crooks are doing:

  • Masking your home number while calling from their line on a static sounding line (to hide their voice) and asking for money (How Bold Can you Get?  Check the next one out!)
  • Complete identity theft of a person, opening a bank account in their name and asking their contact to wire the money to the new “like titled” account (This is VERY scary)
  • Emailing for money, and having a phone number that has a voice message that they instruct to call, later sending an email that they are in a meeting and need the money quickly
  • Saying they just saw your contact at an event (church etc..) and they needed to suddenly send money to a new source

All About the Password

Ok, so you may ask how can they do this? Our lives read in print, well email these days, and with open access to your email, and history, a crook can become you with a few hours (maybe minutes) of review.

If you did not change your password in the beginning of this post, and it is not strong, please do so now…it all starts there!

Please do not take a chance, we are all in this together, and while better than the muzzle of a gun in our face (Bonnie and Clyde) the theft is still unwarranted.

We are on notice and have been for some time. Please excuse our overly cautious answers to wire question from now on….it is for our collective safety.

John Kvale CFA, CFP

PS This was not meant to develop fear or paranoia, only to inform every one of the seriousness of what we are dealing with.

8222 Douglas Ave # 590
Dallas, TX 75225

Increase in Wire Fraud ….. How to deal with it

Over the last several years there has been an increase in wire fraud.  Anytime money is involved and with the dependence/acceptance of internet related communications it is not surprising to see such an increase.  Think of it as a modern-day Bonnie and Clyde, but without the firearms…yaya, always glass half full!Thief

How the scam works

Most frequently the scam begins via a hijacking of an email address. A bad guy may step in the middle of an email conversation and request money in various forms.

Prevention Techniques

To prevent this, we recommend a strong password (letters, numbers and symbols) and frequent changing of the password. Most all of you have received an email asking you to click on a link/virus from a friend or contact, this is a small hijacking but is similar to losing control of your email. Don’t let it happen to you and if it does, change your password IMMEDIATELY!

How it affects us

Current account/wire information on file does not change and will be unaffected.  New wire requests are where the action lies.

If there is a request to send funds to a non-similar titled account, expect our back office to not only call the receiving party, but in certain cases we may need to conference call with our wire department for audible verification. Yes an inconvenience, but a minor one given the alternatives.

If possible, giving a little extra time for money transfers is advised, but we understand there are times when this is not possible.

Have a Great Monday!

John Kvale CFA, CFP

8222 Douglas Ave # 590
Dallas, TX 75225