This is why it’s essential to have wire transfer fraud prevention measures in place and to know what to do when it has already happened. Therefore, by the time someone realizes that they were victims of wire fraud, the funds have already left their accounts. Hackers use various methods to convince someone to transfer funds by wire. They aim to trick targets into handing over bank account information or transferring money into their account. They will impersonate legitimate entities by sending fraudulent messages to a business or an individual’s email account. Other scammers may also use a wire transfer phishing attack. However, in reality, the account will transfer the funds directly to the scammer’s pocket instead of the intended recipient bank. In a wire transfer fraud, a scammer poses as a reliable source, such as a vendor, company, or a family member, and requests you to immediately transfer funds.įraudsters will provide victims with wire instructions and have the money sent to fraudulent bank accounts. Under section 1343 of 18 US Code, wire fraud involves using wire, radio, or television communication to devise a scheme or artifice to defraud. Wire transfer fraud is a type of wire fraud. However, what happens when you lose your hard-earned money to a fraudulent bank account? Can you retrieve your money? Read on to find out whether you can recover money that you lost because of wire transfer fraud. Therefore, it’s not difficult to conclude that money transfer is susceptible to fraud. Moreover, victims reported losses of about $4.2 billion. Wire fraud in real estate is notably one of the fastest-growing white-collar crimes.Ī 2020 Internet Crime Report also reveals that the FBI’s Internet Crime Complaint Center (IC3) received 791,790 complaints. In the US alone, consumers lose millions of dollars every year to these scammers. While this method is fast and convenient, it involves several risks, such as malware, bank errors, and fraud.įraudsters use wire transfers as part of their scams. Note that you can send the money between banks or through a transfer service, such as Western Union. You only need to log into your online banking account to complete the bank wire transfer. It allows you to transfer funds and pay suppliers, contractors, or employees in real time without physically paying in cash. Due to their speed and simplicity, wire transfers have been commonly used throughout the world, including in the US.
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