Wire Transfer Scams: Red Flags and How to Protect Yourself
Wire transfers are a fast, reliable way to move money. That’s why they’re often used when you need to send funds quickly for things like closing on a house or paying tuition. Unfortunately, scammers also know how fast wire transfers move—and they take advantage of that speed. Once money is sent, it’s nearly impossible to get it back. Knowing the warning signs of wire transfer scams and practicing safe habits can help you avoid becoming a victim.
Common Wire Transfer Scams
1. Imposter scams
Fraudsters pose as someone you trust—like a family member, attorney, or even a government agency—and demand money urgently. They’ll often say the funds must be wired immediately to avoid trouble.
2. real estate scams
Scammers hack into emails during real estate transactions and send fake wiring instructions for closing costs or down payments. Victims think they’re sending money to their title company, but it actually goes to the criminal’s account.
3. romance scams
Someone you meet online builds a relationship, then claims to have an emergency. They ask you to wire money to help with medical bills, travel expenses, or other urgent needs.
4. business email compromise (BEC)
Criminals impersonate a company executive or vendor. They send an urgent email instructing employees to wire funds to a “new” account, which belongs to the scammer.
red flags to watch for:
- You’re pressured to act immediately.
- Instructions to wire money come through email or text, especially if the account details have “changed.”
- The request comes from someone you’ve never met in person.
- Messages contain poor grammar, unusual formatting, or don’t sound like the real person or business.
- You’re asked to keep the transaction secret.
how to protect yourself
- Verify requests. If wiring money to a business or individual, call using a known, trusted number—not the one in the email or text.
- Be cautious with email. Never assume a message is genuine just because it looks official.
- Confirm details with KEMBA. If something feels off, ask us for help before sending funds. We always have your best interest at heart.
- Slow down. Scammers rely on panic and urgency. Taking a moment to double-check can save you thousands.
- Educate family and coworkers. Make sure everyone understands the risks and procedures for verifying wire instructions.
final thoughts
Wire transfers are safe when used correctly, but they also come with risks if you don’t stay alert. Always double-check requests, verify account details, and never let anyone pressure you into sending money. If something feels wrong, trust your instincts and stop the transaction. At KEMBA, we’re here to help you stay protected—because your safety matters as much as your money.
kemba is here to help!
Fraud and scams are scary—but you’re not alone. KEMBA Credit Union offers tools and personal support to help you catch and prevent fraud. Contact us if you need assistance!