TL;DR: Wire fraud broadly refers to any scam that convinces a victim to send money via wire transfer, which is difficult to reverse once completed — including business email compromise and romance scams. Verify any wire transfer instructions by phone using a number you already know is correct, especially for large transactions like real estate closings, before sending.
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Wire fraud broadly refers to any scam that convinces a victim to send money via wire transfer, which is difficult to reverse once completed — including business email compromise and romance scams.
How Wire Fraud Works
Wire fraud often combines with another scam technique (a fake invoice, a romance scam, a real estate closing scam) to convince the victim the transfer is legitimate and urgent, exploiting the fact that wire transfers are hard to reverse once sent.
Warning Signs to Watch For
Urgency, last-minute changes to payment instructions, and pressure to use wire transfer specifically rather than a more traceable or reversible payment method.
How to Protect Yourself
Verify any wire transfer instructions by phone using a number you already know is correct, especially for large transactions like real estate closings, before sending.
If this looks similar to something else you've seen, it's worth reading What Is Account Takeover Fraud? How It Works and How to Protect Yourself.
This pattern shows up elsewhere too — see What Is Advance Fee Fraud? How It Works and How to Protect Yourself.
Frequently Asked Questions
What is Wire Fraud?
Wire fraud broadly refers to any scam that convinces a victim to send money via wire transfer, which is difficult to reverse once completed — including business email compromise and romance scams.
How does Wire Fraud typically work?
Wire fraud often combines with another scam technique (a fake invoice, a romance scam, a real estate closing scam) to convince the victim the transfer is legitimate and urgent, exploiting the fact that wire transfers are hard to reverse once sent.
What are the warning signs of Wire Fraud?
Urgency, last-minute changes to payment instructions, and pressure to use wire transfer specifically rather than a more traceable or reversible payment method.
How can I protect myself from Wire Fraud?
Verify any wire transfer instructions by phone using a number you already know is correct, especially for large transactions like real estate closings, before sending.
What should I do if I think I’ve encountered Wire Fraud?
Stop responding immediately, do not click any links or share information, and report it to the appropriate authority. If money or personal information was already shared, act quickly to secure your accounts and report the incident.