Released: December 19, 2022

Victims of wire-transfer fraud reveal how they lost thousands to scammers

Source: David Lazarus, Nexstar Media

According to the FBI, about $2 billion is lost annually to wire-transfer fraud. Some cases involve newfangled payment apps, such as Zelle, while others rely on traditional fund transfers from bank accounts.

“Unfortunately, it’s being used by a lot of fraudsters who are using social engineering tricks to convince consumers that they work for the bank or they’re there to help them in some regard,” explained Linda Sherry, a director for Consumer Action. 

Never rush into a wire transfer or other unexpected transaction; call the bank yourself and confirm if there’s an issue with your account; and have the bank verify that you didn’t authorize any transactions if you’ve been victimized.

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