Understanding Wire Fraud

Oct 23, 2024


 

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.