Wire Transfers

#Who is most at risk for wire transfer fraud?

Everyone is at risk. Fraudsters target everyone. They look for people who appear to be vulnerable, don't know about a scam and are trusting of others.

 

#What is money transfer fraud or wire transfer fraud?

Money transfer fraud or wire transfer fraud both occur when scammers convince consumers to wire them money. Here are warning signs of money transfer fraud:

Someone you don't know asks you to wire money.

Someone asks you to deposit a check and send them back a portion of the money.

Someone pretends to be a friend or relative and calls in a crisis, asking you to wire money right away.

Someone tells you you've won a prize or contest that you don't remember entering, and asks you to wire money to pay fees, taxes or customs.

 

#Are there risks to money wire transfers?

Yes, when you don't know whom you are sending the money to. Transferring money is the same as sending cash. Once you send it, it's gone, and you can't get it back.

 

#Is it safe to wire money?

Yes, if you know to whom you are sending the money. Money transfer is a reliable, fast, convenient way to get cash to friends and family.