3 Tips to Stay Safe From Wire Fraud

Unfortunately, we live in an age where wire fraud is constantly on the rise. In fact, cybercriminals have stolen over $423 Million in wire transfers from victims. While these criminals are pretty good and their traps are only getting more sophisticated over time, there are still ways you can stay safe and protect yourself from being a victim of wire fraud.


Here are 3 tips you can follow to stay safe from wire fraud: 


  1. Only send money to people and businesses you know and trust


If something seems too good to be true, it probably is. Don’t send money to anyone or any business that is guaranteeing you any type of return on the “investment” they are asking you to wire to them.


Another thing to beware of in a business setting is when a business is asking you to wire money to an unknown middle man. Chances are, both the business you are discussing with and the middle man are on the same team and have one goal: to get that money out of you and run with it.


  1. Protect all of your personal and banking information


Your personal and banking information needs to be protected at all costs. This means you must be careful (and picky) with what type of information you give and to whom. For example, beware of payment methods that don’t seem to be secure when you’re shopping online. Also, make sure that your passwords for your online banking information (or any platform that keeps any sort of banking information, such as Paypal) are strong and are changed regularly.


  1. Review your banking statements thoroughly and regularly


The earliest you catch a wire transfer made without your knowledge, the faster you can let your bank know and put an end to it. So whenever your banking statement is ready, make sure to go through it and search for any unauthorized or suspicious fund transfers.


While no one can guarantee that we will never be approached by a cybercriminal, the key to staying safe is to stay informed.

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