Wire Fraud

Why is the wire fraud trending nowadays?

That’s because fraud serves as an umbrella term for multiple types of crimes. Crimes whose sole goal is the crook's personal gain by way of misleading victims. Fraud victims, despite what popular belief tells us, are neither greedy, nor gullible, nor negligible, nor unintelligent. 1 out of 10 Americans, per year, are victims of fraud. Not only that, but new studies have shown that everyone has a 93% of falling for scams during their lifetime. Anyone, you included, could become a victim of fraud.

Wire Fraud is one of the most common scam methods

There are no words to properly capture what a fraud victim feels. There’s a helplessness to it. It, like other crimes, leaves a person feeling frustrated, angry, devastated, and ashamed. Most people who experience fraud are later haunted by feelings of inadequacy, of disappointment, or disbelief — feelings that end up hurting them more than the monetary value that they lost in the first place. It hurts their narrative, and the conclusions they have about themselves. It makes them feel judged and in any case, it leaves them feeling helpless and inadequate.

There’s nothing like handing your trust over to a person and then having that trust, that bond, broken. In many cases, victims of fraud later retell that they somehow felt they were being taken advantage of, yet something inside of them - some emotion - prevented them from taking steps. Fraud victims retreat and become a paler version of themselves, they feel as if a portion of their soul has been stolen from them. They need to feel in control again and get the upper hand on their perpetrators.

How does fraud work?

Those who commit acts of fraud normally do so because they feel there is an opportunity to gain some advantage over a person. They find the right moment to pressure, rationalize or sing their teeth when their victims are more vulnerable.

What is Wire Fraud

Wire fraud is a telecommunication crime that does over the phone or through the internet. It lures victims in and gets them to divulge personal financial information. The criminals then use this info to gain access to their victim’s bank accounts. This type of fraud uses all types of electronic mediums, including SMS, Messenger services, telephones, fax machines, e-mails, social media, etc.

Typical Examples Of Wire Frauds

A typical example of wire fraud is the Nigerian prince scam. You’re contacted by a supposedly ousted Nigerian prince that needs to escape his country because he’s being pursued. He needs to wire his money, millions of dollars into a bank account, and he somehow obtained your information. If you help him out, he’ll give you 10% of his funds. BUT to proceed, the prince requires your financial data.

Other scams of this nature are phishing attacks, in which hackers send out false bank communications through email requiring you to enter into their portal and “signing in” with your actual account passwords and username.

All these ploys are done to steal your bank information, ahem you willingly give it to them, and then the crooks use it, so they can wipe your account clean.

Ways not to fall for this scam

There’s no such thing as a Nigerian prince in crisis mode. Not even banks will ask for sensitive data unless you contact them directly. All transactions, all information are protected through their portals and apps.

Never give out financial data to strangers.

Types of Wire Frauds

  • Fake buyers: criminals that contact stores with a counterfeit check and instruct you to wire the balance. Or oftentimes seed out the check, then ask for a refund knowing the check will bounce.
  • Fake lotteries: notification that you’ve won some price and that for them to get to you the corporation needs your financial data or needs you to pay a “processing fee” or vague tax.
  • Advance-fee loans: you're offered a generous loan with great rates, but the only way for the paperwork to be properly processed is by way of paying a small fee. Other times you’re “approved” for the land but the “loan officer” needs your bank information in order to deposit the amount.
  • “Relatives” in need of assistance: You’re contacted in the middle of the night. A desperate phone call. A relative of yours is in trouble and they need you to quickly send them funds. It’s a life or death situation.