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A notification comes in, a brand-new email. It seems normal at first; the written instructions are clear. It starts with an excuse: a bill past due, a relative in need, or any number of crafty excuses to get people to lower their guard. It always wraps up with a request for money, a wire transfer. Something fast, efficient. There’s always a sense of urgency.

Scammers rely on urgency to lull victims into ignoring their doubts. There isn't time to stop and second-guess things; the money is due now! That's how so many people fall victim to wire fraud, an eagerness to get it over with, to make a problem go away.

Once the money transfers, the scammer vanishes, just a little bit richer.

According to the FBI’s crime reporting, in 2024, Americans lost over $16 billion to scams. Wire-transfer schemes covered much of those scams, so it’s more important now than ever to internalize tips to protect against potential wire fraud (FBI Releases Annual Internet Crime Report).

Before sending a wire transfer, always check the instructions in person or over the phone with a verified person. It's becoming easier to hack emails, and scammers committing fraud can easily impersonate someone you know over text.

If the request includes confusing questions or promises to send funds back, pay attention to the red flags and avoid the transaction. Question uncommon requests when dealing with finances, especially wire transfers. Money that's sent is often impossible to get back; take time to scrutinize the details and verify they're legitimate.

Fraud relies on shame. There's nothing wrong with asking for help. If you believe you were a victim of fraud, please call 800-834-0432 to speak with a team member today.

Sources:

“FBI Releases Annual Internet Crime Report | Federal Bureau of Investigation.” Fbi.Gov,