Wire Transfer Safety Tips

General safety tips for wire transfers
Wire transfers are an easy and fast way to send money to individuals and businesses. However, they can also be targets for fraud. A wire transfer is an immediate form of payment. Once a scammer has obtained the funds you wired, the wire transfer may not be reversed.

Here are some simple steps you can take to reduce your risk of fraud:

  • Do not send funds to an individual or business you don't know personally or whose identity cannot be verified.
  • Beware of schemes, such as lottery winnings, loved one's expenses, taxes owed to the IRS or an urgent matter from a friend abroad. Scammers often make requests sound urgent or may threaten you with legal action if the funds are not received.
  • Scammers may request you deposit a check and send a portion back via wire transfer under the pretense that the extra money is commission or overpayment. These are often cases of fraud. Always verify with your recipient (by phone) to confirm the request.
  • When requesting a wire, review the information before you sign or approve. One typo could send the money to the wrong person or business.
  • Business owners should educate employees managing sensitive data and paying the bills by making them aware of deceiving emails or phone calls. Here's a tip card you can share with your employees.

If you suspect fraudulent activity, immediately report it to the Bank and the authorities. The Federal Bureau of Investigation (FBI) accepts complaints via online at www.ic3.gov. You may also contact the Federal Trade Commission at www.ftc.gov/complaint.

How can we help you?

Contact a ConnectOne Bank representative to learn more.

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