Wire Transfer Scams
Wire transfers are convenient ways to send and receive money. That’s why scammers find them so attractive. Scammers will use several different methods of this phishing scam in hopes to convince you to send them large amounts of money. It’s important to know the different types of wire transfer scams and how to protect yourself from potential fraud.
Real Estate Scams
This particular wire transfer scam targets people in the closing process of buying or refinancing a home. Scammers will gain access to legitimate email accounts in order to impersonate a realtor, escrow officer, attorney, or lender. They will then send you fraudulent wiring instructions. It’s important to always confirm any wiring instructions with a mortgage consultant or title company by calling a phone number that you trust.
Foreign Business or Investment
You may be approached with an offer to fund a business or investment opportunity, but will be asked to wire money to an overseas account. Often with these kinds of wire transfer scams, you are directed to act quickly on the opportunity and to keep the details a secret, especially if you’re questioned by your financial institution when sending the wire. Never send money to someone you don’t know or trust. Keep an eye out for typing or grammar errors in the wire request as well. These are common signs of scammers attempting to get you to send them money.
Family Emergency or Grandparent Scam
With this wire transfer scam, you may receive an urgent call or email for someone claiming to be a close friend or family member. They tell you that there’s an emergency and they need money immediately. This situation appears to be legitimate because they manage to pull details from social media about your friend or relative. If you feel like something is off, it’s best to check in with that friend or family member through a phone number that you can trust. Double checking can save you and your money.
Romance Scam
Like the family emergency and grandparent wire transfer scam, the romance scam is meant to take advantage of your personal feelings towards another person. With this, the scammer pretends to be a person of interest that you have met online. They slowly gain your trust, and once you have built a strong “relationship”, that is when they will try to take advantage of you. Suddenly they ask you to start wiring them money to help cover some of their expenses such as medical bills or travel expenses to come visit you. Meeting new people through the internet isn’t necessarily a bad thing, but be mindful about personal information you choose to share, because not everyone appears to be who they say they are.
Mindful Ways to Protect Yourself
As your financial partner, we strive to protect our members any way we can. Our security measures work better with your help. Remember to never wire money to anyone you don’t know or who you just met. If you do receive a request for a wire transfer and want to make sure it is legitimate, contact the company directly to confirm. Use the contact information you already have for them or what is listed on their legitimate website, not the information listed in the wire transfer request. If it is a fake request, it will also include fake information that will put you in contact with the scammer, not the legitimate business you are trying to contact.
The safety and security of our members is a top priority. Protecting your information works best when we have your help. Let’s work together to keep your accounts protected. To learn more about how we protect our members every day and how you can protect yourself, review our Security and Fraud information online, and watch our Scams and Fraud playlist on YouTube.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.