Wire Fraud involves using electronic communications or wire transfers to execute schemes designed to defraud individuals or organizations of money or property. This type of fraud often combines social engineering with sophisticated technical methods.
Common Methods
- Business email compromise
- Payment redirection
- Invoice manipulation
- Account takeover
- Impersonation schemes
Warning Signs
- Urgent transfer requests
- Changed bank details
- Unusual payment terms
- Pressure tactics
- Communication anomalies
Risk Factors
- International transfers
- High-value transactions
- Time-sensitive deals
- Limited verification
- Complex procedures
Prevention Measures
- Multi-factor authentication
- Callback verification
- Payment controls
- Staff training
- Process validation
Best Practices
- Verify requests
- Double-check details
- Follow procedures
- Document changes
- Monitor transactions
Wire Fraud remains a significant threat to businesses and individuals, requiring strict protocols and verification procedures for all electronic fund transfers.