Understanding Wire Fraud

Wire fraud is a federal crime that involves using electronic communication to defraud someone out of money, property, or services. It can include phone calls, emails, texts, social media, and even fax machines.

Some common wire transfer scams include:

• E-Mail Account Compromise (EAC): Attackers will use various methods to gain access to an individual’s email account, often using it to send fraudulent requests.
• Business Email Compromise (BEC): A type of phishing attack that targets businesses that work with foreign suppliers or regularly make wire transfers.

Some red flags for wire fraud include:

• Unexpected wire transfer requests
• Last-minute changes to wire instructions
• A person you don’t know well stating they have overpaid you, asking you to send money to make up the difference
• Wire requests from someone you may be romantically involved with but have never met
• Bizarre phrasing, awkward English, or poor grammatical choices in messages

Have you been involved in wire fraud?

Contact a Rally Credit Union representative at 361-986-4500 or 1-800-622-3631, or visit a local branch. We can help assess your involvement and determine next steps.