Barbara Corcoran Shares Business Rule To Avoid Getting Scammed

Real estate tycoon Barbara Corcoran
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Entertainment

Barbara Corcoran is an American businesswoman, investor, speaker, and author. She established the New York City real estate agency "The Corcoran Group", which she later sold to NRT for $66 million.

Barbara has once come under attack by a highly skilled financial scammer. During a recent episode of Red Table Talk titled, "How Not to Be Scammed," the real estate tycoon and Shark Tank star opened up to the show's hosts, Jada Pinkett Smith, Willow Smith, and Adrienne Banfield-Norris about how she almost lost a substantial amount of money in just a few emails.

Keep scrolling to find out how Barbara handled the situation.

How Barbara Almost Got Hit By A Scammer 

Barbara Corcoran in aqua dress
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The virtual interview began with Barbara revealing that she runs a very big business with the right people and high-end security measures in place. However, these did not stop scammers from attempting to scam her and they almost succeeded at it, leaving Barbara so embarrassed that she struggles to talk about it. 

She revealed, "My accountant got an email from my secretary authorizing a $400,000 transfer of funds. I invest in a lot of property, I renovate property, so it seemed like a normal kind of thing. It wasn't out of the norm. The money went out — a wire transfer to Germany, out it went."

Barbara continued, "But it wasn't until my accountant set a confirmation to my real secretary saying, 'Hey we're confirming this one last time.' Right there, boom! I learned that I was hit by a scammer."

A Happy Ending

Barbara Corcoran in leopard dress
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Barbara highlighted how people read their emails daily but fail to examine their email addresses. However, she concluded the story by saying it had a happy ending. 

"But lucky for me, there is a happy ending to the story. A big bank I have here in New York froze the money until they discovered the scam and they sent me the money back," she said. 

The hosts applauded the good news and Jada said, "You are so lucky, Barbara!" 

Barbara's Lesson From Her Experience 

The 73-year-old business tycoon also explained what she learned from her experience. "You know what I really learned through this whole thing," she began. "That scammers are not sophisticated operations. They are simple. Most of the scams in America happen with simple little things like that that you can identify. And so if they can fool me, they can fool anybody."

Barbara's New Business Rule

Barbara concluded her segment by talking about what she thought is important to note about scammers' operations.

 

"Do you know what I think is very important? Almost all scams happen online, through emails, through texts, things like that."

Barbara further stated what her new business rule is. 

"My new rule within all my businesses now is, you're requesting any money, I don't care how large or how small, pick up the phone and confirm it's real."

She explained it is an easy thing to do but didn't think of it before her experience. Barbara then joked, "Don't you send me any invoices, it's not gonna work!"

There is always something to learn from every episode of Red Table Talk. Viewers can learn from the experiences of other people, like Barbara, to be conscious of their dealings and activities so they can avoid getting scammed.

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