Prevent Falling Victim to Email Wire Fraud

Manipulating people into transferring money to unauthorized accounts is not a new concept, but it has gotten much more sophisticated as technology evolves. Believe it or not, email wire fraud is one of the most common tactics today.

This type of fraud is complex and utilizes social engineering techniques to facilitate unauthorized transfers of funds. Typically, a fraudster impersonates a legitimate business, using realistic emails that replicate their communication in appearance and tone. To enhance their authenticity, fraudsters often utilize spoofing techniques to make the email appear from a known, trustworthy business.

The fraudster often crafts a convincing scenario that emphasizes immediate action. This sense of urgency is designed to pressure the recipient into bypassing the usual verification process. The email contains fraudulent wire instructions that direct funds to the scammer’s account. It’s difficult to spot discrepancies from legitimate transaction details. The scammer typically manipulates contact information in the email to ensure any follow-up communication remains under their control.

Important: If you receive wire instructions that seem suspicious via email, verify the source before taking action. Contact the sender through a trusted method, such as a phone number you know to be legitimate. If you are concerned, contact the bank to alert us of potential fraud so we can take the necessary steps to secure your account. If the instructions turn out to be fraudulent, report the incident to the bank and local authorities.

Protect Yourself from Email Wire Fraud Scams:

• Verify the Source
• Watch for Red Flags 
• Never Share Personal Information
• Monitor Your Accounts
• Report Suspicious Emails 
   

For more on how to safeguard yourself and your accounts, check out our fraud resources. Have questions? Let’s connect!

• Use the Contact Us form
• Call us at 903-657-8521 or toll-free at 877-566-2621
• Stop by your local VeraBank branch