Wire Fraud

Free Case Review







    YesNo





    Fraud is a word that gets thrown around a lot, but what does it really mean? 

    Fraud can encompass any crime where the perpetrator uses deception as their modus operandi for personal gain. Contrary to popular belief, fraud victims are not greedy people looking for a get-rich-quick scheme, elderly lonely people, or gullible individuals. Anyone can fall victim to fraud, especially a well-planned and sophisticated one with a convincing story. Therefore, it would be best to learn the signs to sense a fraud scheme from a mile away.

    How does it feel to be a victim of wire fraud?

    There are no words to describe the devastation that victims of wire fraud experience when the realization dawns that someone/people they trusted have taken advantage of them. It is not uncommon to see fraud victims recoil and become a paler version of themselves. First, it is the sadness and despair of losing their hard-earned funds. After that, the shame and disappointment( always directed to themselves) slowly creep in. Unfortunately, most victims will keep the incident to themselves because they feel others will judge them or call them stupid and greedy for being so trusting. We don’t blame them, and we are here to help.

    How does it feel to be a victim of wire fraud?

    There are no words to describe the devastation that victims of wire fraud experience when the realization dawns that someone/people they trusted have taken advantage of them. It is not uncommon to see fraud victims recoil and become a paler version of themselves. First, it is the sadness and despair of losing their hard-earned funds. After that, the shame and disappointment( always directed to themselves) slowly creep in. Unfortunately, most victims will keep the incident to themselves because they feel others will judge them or call them stupid and greedy for being so trusting. We don’t blame them, and we are here to help.

     

    Elements of fraud

    • An act or omission; It is where the perpetrator withholds information to lure the victim into the scheme or exaggerates information to make something more than it is. 
    • Purposeful deceit and concealment; The perpetrator knowingly scams the victim by introducing “fake investments” to them.
    • A victim suffers a loss while the perpetrator gains a personal or business advantage.

    Those who commit fraud generally do so because there is an opportunity, pressure, and rationalization. Therefore, you need to be aware of the presence of these elements to minimize the risk of fraud. 

    What is Wire Fraud

    Wire fraud is a type of fraud that uses telecommunications or the internet to lure victims into giving out their personal/financial information. This type of crime uses electronic media, including telephone or fax machines, email or social media, or SMS and text messaging. 

    Typical Examples Of Wire Frauds

    Wire frauds are becoming more sophisticated because scammers have gotten more innovative because of innovations and technology. 

    You have probably familiar with the Nigerian prince scam. The Nigerian scam follows the typical format where the scammer usually reaches out to target victims through emails. First, he will pose as a Nigerian prince in distress, exiled, or for some reason, his bank’s accounts are frozen. He will then ask to transfer some funds to the target’s account for safekeeping. This ploy is to obtain the target’s financial information, which the scammer uses to steal from them.

    Ways not to fall for this scam

    Always remember there is no such thing as a Nigerian prince in trouble. Never wire money to a stranger even if they show “proof” of identity. Once you wire the cash, the transaction becomes irreversible. Give relatives or friends a heads up and let them know their email has been hacked.

     

    Fake buyers

     Swindlers browse online ads and newspapers for their targets. Then, they contact those stores, pretending to be an interested buyer. Then, they overpay with a counterfeit check and instruct you to wire the balance. Other times, they may send a check for the correct amount, then back out of the deal and ask for a refund. 

     

    Ways not to fall victim to the fake buyers’ scam

    1. Local buyers are a safer bet than those you will find online.
    2. Do not accept overpayment.
    3. When possible, accept cash. 
    4. Don’t pay anything until you have verification that the check has cleared.

     

    Fake lotteries

    You receive a notification indicating you’ve won a huge sum of money. Then, you’re told to send a wire transfer to cover a “processing fee” or vague taxes. Once you send the money, the scammers block all contact with you.  

    Protect yourself from such scams by never paying or sending money to strangers who claim you have struck gold.

     

    Advance-fee loans 

    Fraudsters pose as loan agencies, and when you apply for a loan, they ask you to wire an amount of money to process your application. However, once you send the money, you never receive the loan. In addition, the crooks have your bank account information and may rob your account.

    How to protect yourself: Never pay for a loan or credit approval. Legitimate lenders only charge application, appraisal, or credit report fees after the loan is approved and paid. 

     

    “Relatives” in need of assistance

    You receive a desperate phone call, email from fraudsters posing as your relative. They say things like,” He was arrested overseas or mugged.” 

    How to protect yourself:

    1. Confirm the story with your relative. 
    2. Go further by contacting other families to make sure the story checks out. 
    3. Refuse to send money via wire transfer.

    Contact the Global Payback now!

    If you or someone you know is a victim of wire fraud, we ask that you act fast by contacting us because the time frame is essential and every day counts. Luckily for you, we have wealth recovery professionals on our team who know exactly how to get your money back in the shortest time frame. So contact us with details of your transactions and dealings with the scammers and leave the rest to us. We will recover your funds