Wire Fraud

What Is Wire Fraud?

Wire fraud is any event where an individual is tricked into sending money via wire transfer to a fraudster. Fraudsters use urgency in their scams to put pressure on victims to gain quick access to funds.

Here are the two of the most common wire fraud scams.

Real Estate Transactions:

Fraudsters use online real estate shopping tools to seek out transactions getting ready to close. They will then hack into an email account and send wire transfer details to unsuspecting buyers.

  • ALWAYS verify any suspicious correspondence associated with your home purchase or sale.
  • NEVER react immediately to emails that are asking you to take some type of action.
  • Follow up on known phone numbers for the individuals making the request to confirm.

Romance Scams:

Fraudsters predominantly exploit their potential victims who freely post details about their lives and personalities on dating sites. These scams will often involve the victim wiring money to the fraudster.

  • Be careful what you post, scammers can use that information against you.
  • ALWAYS use reputable websites and assume that fraudsters are trolling even the most reputable dating and social media sites.
  • If you become a victim of a romance scam, you can file a complaint with the FBI's Internet Crime Complaint Center.

Additionally, businesses should be vigilant if a vendor changes payment instructions via email for this could be an attempt of business email compromise.