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Wire fraud threats have been increasing for financial institutions and their customers. It is important to know how the bank will contact you and what will be asked in order for you to not become a victim to wire fraud.
Indications of potential wire fraud include:
- Victim receives a call where the caller claims to be from the bank and claims another employee at the bank is stealing from their account – call the bank or call local law enforcement – a warning sign is if the requester says to go to another branch to process a wire transfer and attempts to coach what to say as to “not alert the employees”.
- Victim gets a text message or email from somebody they know in an emergency situation – talk to the person to make sure they asked for the money – a warning sign is if the requestor says not to tell anybody.
- Can start with the victim getting a check and the fraudster asking the victim to send a wire – the fraudulent check will often be for an amount over the wire amount to “cover processing fees.”
- If the person says they are with the government and require a wire to avoid fees, contact the governmental agency directly.
- Relationship scams – catfishing – the fraudster spends time getting to know you and then suddenly has an emergency situation come up and you are asked to send a wire – make sure you really know the person – romance fraud is common.
When you come into the bank to send a wire, talk to the bank staff about the wire and the circumstances around it. We are here to help!
Know who you are sending a wire to – either you have seen them in person or have known them a long time.
The money will be gone if the wire is sent.
If you feel you have been victimized by a fraud attempt, contact our Customer Care Center immediately at (888) 372-9788.
