Wire transfers are highly preferred due to their speed and simplicity. With wire transfers, you can transfer money across different parts of the world in seconds. Whether you are in Maryland or Alaska, you can transfer money to just about anybody with a bank account. This way, you do not have to carry huge wads of cash everywhere you go to pay anything.
How does it actually work? Well, for starters, you will need to log in to your online banking account on any internet-enabled device. While there are many alternatives to this process, such as Western Union or a bank transfer, they are simply not as fast as wire transfers. It is for this reason that scammers target wire transfers.
Wire transfers are a common tool used by fraudsters in scams. In the United States alone, people lose millions of dollars per annum to scammers. The current biggest form of wire fraud is real estate and is flourishing as a white-collar crime.
According to an Internet Crime Report released four years prior, the Internet Crime Complaint Center of the FBI (IC3) received just shy of 800,000 complaints. Total losses hit close to 4.2 billion dollars. This reinforces the fact that fraudsters are targeting wire transfers, and finances need protecting. How do you protect yourself from fraudsters, and is the money retrievable after the deed has been done? Keep reading to get all questions answered.
How Is Wire Transfer Fraud, Fraud?
Wire transfer fraud is a form of wire fraud. Wire fraud involves using radio, television, or wire communication to devise a system of deception for the mere purpose of defrauding. Note that this is according to section 1342 of 18 US Code. Wire transfer fraud involves a fraudster posing as a person of some repute such as a business, vendor, or a related family member.
Now that they have posed as a familiar or relatable person, the fraudster requests that you transfer funds to them, usually citing an urgent need of some sort. After that, a series of instructions that involve sending a specific amount to a fraudulent bank account number is given. Hence, the funds end up in the scammer’s account.
Is It Possible to Recover My Funds After Being Defrauded by Wire Transfer?
One reason why fraudsters prefer this type of deception is because it can be untraceable. When you transfer money by wire, an army of people withdraw this in cash at different places and at different times. Some others might choose to transfer it to different bank accounts, which makes it more impossible to trace. Some others convert the money to cryptocurrency, rendering it virtually untraceable and unable to access.
How Can You Retrieve Your Funds After a Wire Transfer Fraud?
Here are some things to increase your chances of getting your money back:
- Gather all necessary details. Get everything associated with the fraud as soon as possible. This includes bank account numbers, manner of approach, voice accents, and all. They can help with the investigation
- Notify your bank and initiate a fund recall
- Lodge a complaint with the FBI
- Examine third-party actors
Conclusion
While it is not quite late to begin to work at getting your money back after the deed has been done, there is no assurance that you will get your funds back. “Prevention is the best way to stop wire transfer fraud, so ensure you are always at alert,” says attorney Rammy Barbari. Implement the best cybersecurity measures, and you can be safe!
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