Wires
WHAT TO BE AWARE OF BEFORE YOU WIRE MONEY
Please exercise caution and avoid wiring money to individuals you are not familiar with. Sending funds through a wire transfer is like handing cash over directly.
How to Spot Common Wire Scams
Escrow/Title:
Mortgage wire fraud occurs when a scammer, impersonating a real estate agent, title company, or closing attorney, manipulates a buyer into wiring closing costs to a fraudulent account. The fraudster will forge email identities and gain transaction details, then contact the buyer with altered wire instructions that direct funds to a criminal account. To prevent fraud, always verify wire instructions by calling back using a phone number obtained from official documents or directly from the title or escrow company’s website. Do not use the contact information provided in any email instructions.
Home, Apartment, or Vacation Rental:
Exercise caution if you respond to an advertisement for an apartment, house, or vacation rental offered at an unusually low price. Be wary if asked to wire funds for application fees, security deposits, or the first month’s rent. Scammer soften use deceptive tactics, such as substituting their own contact details in advertisements for properties they do not own and using information and photos obtained from legitimate sources. Typically, after money is wired, the contact becomes unreachable, and it is later discovered that the advertised property does not exist.
Fraudulent Check Scams:
Be cautious if you receive a check and are instructed to wire some or all of the money back to the sender or a third party. Although the funds may initially appear in your bank account, the check could be fraudulent, at which point you will be held responsible for reimbursing any withdrawn amounts. Scammers often employ persuasive stories to convince individuals to engage in these transactions.
Emergency Scams:
Exercise caution if you receive an unexpected and urgent call from someone claiming to be a family member or close friend requesting money for an emergency. They may urge you to wire funds immediately. Before taking any action, verify the authenticity of the call. Scammers are increasingly using sophisticated techniques, including artificial intelligence (AI) and voice cloning, to impersonate those you know and create highly convincing scenarios.
Lottery and Prize Scams:
Please be vigilant if you receive a communication via, call, text, email, or letter claiming that you have won a prize, sweepstakes, or lottery, and are asked to wire money to cover expenses such as shipping, handling, taxes, or processing fees. Genuine prizes do not require payment to collect. Requests for upfront payment are typically indicative of a scam.
Romance Scams:
Be cautious when engaging with individuals on dating sites, apps, and social media platforms. Romance scammer soften create compelling profiles to connect with potential victims, rapidly building trust through frequent communication. Eventually, they may fabricate stories about emergencies or express their plans to visit, requesting money for these purported reasons. However, these emergencies or visits are often nonexistent, and their true intent is to defraud you. It is important to remember that they may not be the person they claim to be.