Sending money electronically or via wire-transfers has its risks. This is especially true when it comes to large amounts of money. As technology makes it much easier for criminals to defraud people, including yacht buyers and sellers, it is critical to understand how to protect yourself.
Fraudulent behavior in the purchase and sale of yachts has always existed. In these times, however, it is more common than ever, as maritime and admiralty laws have not caught up with the times.
When sending money electronically or wire-transferring funds, consider the following:
- Have security measures in place and ask yourself important questions. Do you have a trusted and experienced maritime and admiralty legal team to assist you if you need help?
- If you deal with international buyers and sellers, does your legal team have the expertise, and can they accommodate your needs?
- If you are sending wire instructions, ensure that you retain essential details of the transaction and do not share that information with anyone except your legal team.
- Know who you are doing business with. People can sometimes automatically assume good intent from others, mainly when they usually do business of this kind and have never had issues before.
- Remember that it is better to prevent issues by double-checking than it is to have to deal with a massive monetary loss or costly lawsuits due to wire-transfer fraud.
Yachting is a highly pleasurable experience, and the last thing you want is to deal with are problems associated with transactions involving these vessels.
Make sure you are well-versed in yachting and other sailing-vessels sale and purchase transactions. If you have any questions, ask someone knowledgeable about the topic and, most importantly, someone you can trust.