Wire Fraud Prevention Tips

Wire transfer fraud is on the rise with criminals targeting unsuspecting people and businesses with increasingly sophisticated techniques. Criminals are exploiting the speed, convenience and anonymity of the internet to target customers. Fortunately, you can reduce the risk by understanding these techniques and following our fraud prevention tips.

Fraudsters typically commit wire fraud by posing as a government official, relative, or some other trusted source and tricking a consumer into willingly sending money. The other form of wire fraud, account takeover, involves a fraudster seizing a customer's personal information, which can be used to get access to their financial accounts. A common scam involves criminals attempting to defraud customers by impersonating company executives, partners, or representatives of trusted vendors through email, otherwise known as "Phishing". This can be perpetrated on consumers as well with the email sender posing as friends, family or people in need. Learn more about phishing here.

Below are several tips that will help prevent wire fraud for business owners:

  1. Inform employees and co-workers, especially those responsible for initiating wire transfers, about common email phishing and account takeover scams.
  2. Train staff to closely review all emails requesting payments or changes to payment methods.
  3. Ensure that all employees confirm payment requests received by email with each requestor in person or over the phone.
  4. Updating your password on a regular basis ensures someone can’t acquire your password and use it to access your private accounts.

Consumers can help prevent wire fraud of their personal accounts by also updating their online passwords frequently, verifying wire requests with the sender and looking out for fraudulent emails.

If you believe you are a target of wire transfer fraud, immediately contact First Advantage at 888-678-1982.