What is Wire Fraud and How to Avoid It?
Ese Precious
Ese Precious
Fintech writer at AskWallet.io
3 min read 12.09.2022 108
What is Wire Fraud and How to Avoid It?

What is Wire Fraud and How to Avoid It?

Traditional bank
Neobank
E-wallet
Money Transfer
Credit Card
Debit card
Mobile Apps

Scammers have continued to find wire fraud attractive and profitable, especially in the real estate and banking industries. According to the 2021 ALTA Wire Fraud Survey, one-third of all wire transfers in 2020 were potential targets of scammers. Many transactions are at risk of becoming regrettable mistakes.

Wire fraud impact on title companies in 2021. Source: Alta. - AskWallet.io

While more and more people are adopting e-wallets and m-wallets post-COVID-19 pandemic, they face an increased risk of using them to fulfil the criminal wishes of wire transfer fraudsters. When this kind of scam happens, millions of euros can get into the wrong hands. Therefore, be very careful about clicking on a link in an email or the send button in your application.

Fraud targeting wire money transfers is rampant, and it cuts across different businesses, from real estate payment services to remittance providers.

Nevertheless, this kind of scam is still preventable. In this article, we will describe what wire fraud means and give you practical tips to avoid it.

Ese Precious
Ese Precious
Ese Precious