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Table of Contents
Wire Fraud and You. What do you know?
What Is a Wire Transfer?
A wire transfer is a way to quickly and safely transfer funds electronically from one bank account to another. Wire fraud may affect you when purchasing or selling a home.
With a wire transfer, the recipient has access to the money almost right away, often within the same day for transfers within the United States (international transfers usually take a day or two).
“Wire transfer” is sometimes used as an umbrella term for various types of electronic transfers. Besides a traditional bank wire transfer, you can also use money transfer services such as Western Union that instantly send money to any of the service’s brick-and-mortar locations.
What is wire fraud?
It is an act of fraud that uses electronic communications, such as making false representations on the telephone or via email, to obtain money.
Visit the Fraud Section of Our Resource Library for Downloadable PDFs on How To Avoid Becoming a Victim of Fraud
How does wire fraud work?
Wire fraud occurs when a fraudster obtains money based on false representation or promises. For example, you may receive wire instructions which appear to be from the settlement agent or attorney, when in fact they are from a fraudster.
Recommended precautions to protect yourself from Wire Fraud:
- Do not share your online banking login credentials (user ID and password) with anyone.
- Do not share your account number with anyone who does not need it.
- Never access your bank account using a public computer (e.g., at the library or a hotel business office.)
- Monitor your accounts regularly for unauthorized transactions. Report any unauthorized transactions to your bank immediately.
- Be suspicious of emails from free, public email account domains as they are often a source of risk.
- Watch out for phishing emails with embedded links, even when they appear to come from a trusted source.
- Install a firewall on your computer to prevent unauthorized access.
- Be skeptical of any change in wiring instructions.
- Confirm wire and other disbursement instructions received by email via confirmed telephone at a known or independently confirmed number, not the telephone number at the bottom of the email. At Landmark Abstract we will NEVER change wiring instructions via email.