Safe Wire Transfer Practices
Wire transfers can be a fast and reliable way to transfer money, but with the uptick in fraud, it is more important than ever to be vigilant when sending money. Wire transfers are typically used for large transactions and processed within one business day. Because they are irreversible once completed, fraudsters are always looking for ways to trick individuals into sending money through a wire. Here’s what you need to know to make safe wire transfers.
6 Safe Wire Transfer Practices
- Always verify instructions by phone. Never rely solely on email or text messages as these can easily be hacked by scammers. When receiving wire instructions by email, be sure to contact the person directly using a legitimate phone number, not necessarily the one provided in the message.
- Be cautious of emails that ask for passwords or change wire instructions, especially if it comes from an unexpected email address.
- Recognize common wire transfer scams.
- Impersonation Scams: Fraudsters pretend to be trusted individuals and request wire funds. If someone pressures you to act immediately, pause and verify.
- Prize Scams: You’ll receive a call or email claiming you won a prize but need to pay fees or taxes upfront via a wire transfer in order to receive your winnings.
- Phishing Scams: You’ll receive an email or text trying to trick you into revealing sensitive banking information.
- Escalate Suspicious Requests. Don’t hesitate to ask questions. If your gut is telling you that something is off, trust your instincts.
- Be cautious of Money Transfer Services. Western Union and MoneyGram are the most popular ways to send money quickly, but they are also the top choice for fraudsters. Always be sure to trust the recipient you plan to send money to because after the money is sent, it is next to impossible to trace and get back.
- Monitor Your Accounts. If you notice something suspicious, reach out to your bank immediately.
Wire transfers can be a convenient way to move funds, but you must be alert. The best way to protect yourself from falling victim to wire fraud is to stay vigilant. By following best practices such as verifying recipient details, using trusted financial institutions and staying alert to scams, you can protect yourself and your finances.
For additional information on common wire scams, check out the Federal Trade Commission’s resources. For questions about wires with Pennian Bank contact our Customer Care Center.
