Many businesses use wire transfers as one of the most popular means of money transfer since it is quicker and easier to shift money from one bank account to another, anywhere in the globe, in a matter of hours.
Any fraudulent behavior that includes phone lines or electronic communication is referred to as wire fraud. The majority of online account theft and withdrawals from accounts by people not allowed to do so are considered wire fraud. Many of the fraud instances we see nowadays include email scams, in which thieves attempt to access a bank account using fictitious information and identities. It is possible for money to be transferred fraudulently if a payment request is not validated.
The two main types of wire fraud are account takeover and unintentional participation by account holders. Account takeover is when a con artist uses stolen personal or corporate data to access the account holder’s money. When a con artist assumes the identity of an official from the government, a relative, a coworker, or another reliable source in order to con the account holder into sending money voluntarily, this is known as unwitting involvement.