What is Wire Fraud?
Wire fraud is a type of financial crime that involves the use of electronic communication to conduct a fraudulent transaction. In most cases, perpetrators utilize a variety of methods to perpetrate their scams, including email, wire transfers, text messages, and telephone calls. Wire fraud involves someone trying to unlawfully obtain money or goods from an individual or business, usually by deception. It can involve false promises, false invoices, or even stolen personal or financial information.
Wire Fraud Is on the Rise
Wire fraud is becoming more and more prevalent. As technology advances, criminals have found ways to use this technology to commit fraud. According to the FBI, over $1 billion was lost to wire fraud in 2020. The FBI also reports that wire frauds often involve scams such as business email compromise (BEC), invoice fraud, banking fraud, investment fraud, and phishing. As more people become accustomed to paying for goods and services electronically, it’s become easier for criminals to take advantage of individuals and businesses.
Tips to Protect Yourself from Wire Fraud
The best way to protect yourself from wire fraud is by being aware of the scams and taking steps to protect yourself and your finances. Here are some tips to help you stay safe:
1. Use Strong Security Software: Install antivirus and anti-malware software on your computers and other devices. It’s especially important to use two-factor authentication (2FA) on your online accounts.
2. Avoid responding to emails, text messages, or phone calls that ask for financial information: Legitimate businesses will not ask for financial information via email, text message, or phone call.
3. Check your credit and debit card statements regularly: Pay attention to your bills to make sure that no fraudulent activity has taken place.
4. Research any company you intend to do business with: Make sure that the company is legitimate and that their website is secure.
5. Don’t click on links in emails from unknown sources: Many times these links contain malicious software.
By taking the time to protect yourself from wire fraud, you can help make yourself a less attractive target for criminals. Remember, always be on the lookout for suspicious activity and always think before you click!