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“Shark Tank” judge Barbara Corcoran falls for $400,000 e-mail scam

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“Shark Tank” judge Barbara Corcoran found herself the victim of a financial scam when her bookkeeper approved a payment of nearly $400,000 for what she thought was a real estate renovation.

The invoice appeared to be sent from her assistant, and Corcoran said she was not suspicious because she has encountered similar bills.

What are some measures individuals and businesses can take to avoid falling victim to online scams?

Businesswoman and television personality Barbara Corcoran, who is best known for being a judge on the hit television show “Shark Tank,” recently fell victim to an online scam that cost her $400,000. The incident highlights the importance of being cautious and vigilant when dealing with online transactions and communications.

Corcoran, who is worth an estimated $80 million, received an email from what she believed was her assistant’s legitimate email address asking her to send payment for an upcoming real estate renovation project. The email seemed like a routine request, and Corcoran did not suspect anything was amiss. She wrote a response email to her bookkeeper, authorizing the payment for the project.

The fraudsters, who had hacked into her assistant’s email account, responded with details of a new account number for the payment to be made to, with the correct amount specified. Unbeknownst to Corcoran, the fraudulent account was created by the scammers themselves.

It wasn’t until the actual assistant followed up on the payment several weeks later that the scam was discovered. They questioned Corcoran about the payment, only to find out that she had not received any confirmation that the payment was received.

Corcoran’s legal team quickly sprang into action and was able to stop the wire transfer, but the $400,000 was already gone. The fraudsters, who remain unidentified, were able to get away with the money.

Speaking to USA Today, Corcoran said that she was “too embarrassed” to talk about the incident initially. However, she later decided to share her story, stating that she hoped it would be a warning to others to be careful with their money and to take extra steps to confirm the authenticity of emails.

As individuals and businesses increasingly rely on digital communication and online transactions, the risk of falling victim to scams and online frauds continues to rise. The incident involving Corcoran highlights the importance of being cautious in these situations.

It is essential to verify that you are communicating with the correct person or organization before authorizing any payments or other financial transactions. This can be done by double-checking email addresses or reaching out to the supposed sender through a different communication channel to confirm the information.

In conclusion, the incident involving Barbara Corcoran serves as a reminder that even high-profile individuals are not immune to online scams. To avoid falling victim to similar incidents, it is essential to exercise caution, practice due diligence, and be vigilant when dealing with online transactions and communications. Regularly updating antivirus software and enabling two-factor authentication on online accounts can provide extra protection against cyber threats.