Straight Talk: Financial Insights
Personal Finances Blog
What is wire fraud?
Wire fraud is reaching a historic level. It is fast, final, and nearly impossible to recover once the transaction is complete. So what is wire fraud, exactly? Wire fraud occurs when a scammer poses as a legitimate entity or individual with the goal of having your funds sent to their account. While a wire fraud scheme can take place at any time, scammers make an extra effort to implement schemes when an individual or business is making a large purchase, buying items/goods internationally, sending money to family, or acquiring property. Wire fraud schemes can be complex and difficult to detect, here are some examples of common scams and tips you can use to avoid falling prey.
Common wire fraud scams
You work hard for your money, don't become a victim of someone else's greed. At Skowhegan Savings, our online and mobile banking platform gives you peace of mind knowing your financial information is secured with cutting-edge encryption. Remember, when making a wire transfer, Be Vigilant, Conduct Due Diligence, and Slow Down.