December 15, 2023 • 4 mins
Wire transfers are a great way to send money quickly — especially large amounts — for things like buying a home. However, fraudsters also use them to steal. Wire transfer scams target individuals or businesses into sending money through wire transfers to illegitimate recipients.
These scams are especially attractive to fraudsters because wire transfers are processed quickly — typically within minutes or hours. It’s also usually difficult for victims to recover their lost funds since it’s nearly impossible to identify who collected the money.
In most cases, the fraudster tells you a wire transfer is the only way to pay — and they want you to send funds right away. Here’s how some of the most common wire scams work.
Wiring money is like sending cash, so never wire money to a stranger — no matter how convincing they are, says the Federal Trade Commission. Once you send it, it’s probably gone for good.”
Wiring money is like sending cash, so never wire money to a stranger — no matter how convincing they are, says the Federal Trade Commission (FTC). Once you send it, it’s probably gone for good.
In addition, the FTC warns against wiring money to someone:
To protect yourself from losing money in an employment scam, never forward or transfer funds from any of your personal accounts on behalf of an employer. If a legitimate job requires you to make transfers, the money should be withdrawn from the employer’s business account. Never provide your bank account information until you are hired, and then only do so if you choose to have your paycheck deposited electronically.
If you sent the wire transfer through your bank or credit union, contact them and report the fraudulent transfer. In some cases, they can reverse the wire transfer and return your money.
If you used a wire transfer company like Western Union or MoneyGram, the FTC recommends that you report the transaction to the company right away and ask for your money back.
If you suspect your Patelco account has been compromised, contact us as soon as possible, and refer to these trusted resources for fraud victims.
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