Imagine wiring $50,000 for a new piece of farm machinery, only to find out the dealership’s email was a fake. Fraud like this continues to impact farms and businesses, and we expect it to strike harder than ever in 2025.
As your trusted financial partner, GreenStone is here to inform you to help you stay one step ahead of these scams. The Federal Trade Commission’s Snapshot of 2024 paints a stark picture: fraud losses hit $12.5 billion in 2024, with 2.6 million reports filed. Nearly 1 in 3 Americans—30 percent—fell victim, losing an average of $1,600 each. Imposter scams, often delivered through email, topped the list as the most reported fraud type.
At GreenStone, we want to help our customers be prepared to recognize and prevent these types of scams by providing the tools, resources, and knowledge needed to safeguard their financial legacy.
Phishing Scams and Wire Fraud
Wire fraud can drain your accounts in an instant, and with 2025 shaping up to be a peak year for scams, understanding the threat is critical. Fraudsters use phishing emails to impersonate trusted contacts—like loan officers or equipment dealers—and trick you into sending money to fraudulent accounts.
How These Scams Work
1. Fake Emails and Urgent Requests – You receive an email that looks like it is from a legitimate source (title company, lender, real estate agent, vendor, etc.). The message claims that wire instructions have changed and provides a new account for payment.
2. Professional Impersonation – Scammers manipulate email addresses and website URLs using characters that look nearly identical to legitimate ones. For example, replacing the letter “o” with the number “0” or using Cyrillic letters that resemble English characters (e.g., john.doe@titlecompany.com vs. john.d0e@titlecompany.com). These attacks, known as homograph/homoglyph scams, can trick even the most careful individuals. Always verify suspicious emails by directly contacting the sender.
3. Sense of Urgency – The email will pressure you to act quickly, warning that failing to send the payment immediately could result in delays, penalties, or even losing a deal.
4. Funds Are Stolen – If you comply, the wired funds go to a fraudulent account, often overseas, making recovery extremely difficult.
Example
A farmer wiring funds for a new equipment purchase receives an urgent email from what appears to be the dealership, stating, “Our bank details have changed. Please wire funds to this new account.” Without verification, the individual sends the money only to discover later that the request was fraudulent and the money is unrecoverable.
How to Protect Yourself from Wire Fraud
Verify Wire Instructions Over the Phone
Never trust last-minute changes to payment details sent via email. Call the known phone number of the recipient (not the one listed in the email) to verify any requested changes.
Be Skeptical of Urgent Payment Requests
Scammers use pressure tactics to rush you into action. If a request demands immediate payment or threatens consequences for delays, take a step back and verify.
Double-Check Email Addresses Carefully
Fraudulent emails often come from addresses that look nearly identical to the real sender. Look for small differences, such as extra letters, dashes, or misspelled names.
Verify Bank Account Details
When you receive new payment instructions, confirm the details by calling a trusted phone number from an official website or prior communication. Never rely on contact information from an email requesting changes.
Enable Multifactor Authentication (MFA)
MFA adds an extra layer of security to your email and financial accounts, making it harder for scammers to gain access.
Never Click on Suspicious Links or Attachments
Phishing emails often contain links that lead to fake login pages designed to steal your credentials. Always verify before clicking.
Secure Your Email Account
Many phishing scams target email accounts because they contain financial communications and personal data. Regular password changes are no longer recommended unless a breach has occurred.
• To check if your credentials have been compromised, visit HaveIBeenPwned.com.
• If your email appears in a breach, immediately update your password with a strong, unique combination and enable multifactor authentication (MFA) for extra protection.
Use Secure Banking Tools
GreenStone Farm Credit Services offers several secure banking solutions to provide added layers of protection:
• Secure My Access Online Portal – Allows customers to receive and upload documents securely with GreenStone staff.
• Advanced ACH – Customers can upload and verify their own ACH transactions to prevent fraud.
• Positive Pay – Customers can approve draft payments in advance, ensuring only authorized transactions are processed.
• Card Suite Lite App – Allows customers with disbursements cards to view transactions in real-time and shut off their cards immediately if they notice fraudulent activity.
What to Do If You Suspect Fraud
If you believe you have received a fraudulent request for payment, act quickly. Follow these steps to minimize potential damage:
1. Do Not Engage – Do not respond to the email, click any links, or download attachments.
2. Verify the Request – Call the individual or business using a trusted number (not from the email).
3. Notify Your Financial Institutions Immediately – If you have already sent funds, contact your bank right away. If caught quickly, there may be a chance to stop the wire transfer.
4. Report the Fraud – File a report with the Federal Trade Commission (FTC) at ReportFraud.ftc.gov, the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov, and your local law enforcement agency.
Other Common Financial Scams to Watch For
Even if you do not fall for a wire fraud attempt, scammers continue to evolve their methods. Beyond phishing emails, be aware of these additional fraud types that could impact your finances.
• Late Changes to Payment Methods – Be suspicious if a company you regularly do business with suddenly changes their bank account details.
• Fake Equipment or Property Listings – Scammers post nonexistent farm equipment or real estate for sale and demand payment upfront before disappearing.
• Government Impersonation Scams – Someone claiming to be from the IRS, Social Security, or a lender asks for personal details or immediate payment.
Scammers often use fear and urgency to manipulate their victims. A good rule of thumb: If something does not feel right, take a step back and verify before acting.
Stay Vigilant, Stay Secure
Wire fraud and phishing scams are growing more sophisticated every year. However, by staying informed, securing your accounts with strong passwords and MFA, and leveraging GreenStone’s secure banking tools, you can significantly reduce your risk of becoming a victim.
Key Takeaways
• Always verify wire transfers by phone using a known number.
• Be cautious of last-minute changes to banking details.
• Look for email address red flags—even small differences matter.
• Use GreenStone’s secure online banking tools to reduce fraud risks.
• When in doubt, verify directly with your financial institution.
GreenStone Farm Credit Services is committed to helping you protect your financial future. If you ever have concerns about fraud or suspicious activity, contact us immediately. Together, we can keep your finances secure in 2025 and beyond.
To view the spring 2025 issue of Partners magazine in its entirety, click here.
