Money And Payments
Wire transfer
An electronic bank-to-bank money transfer that can be hard to reverse.
What it means
Wire transfers can be useful, but scammers push them because money may move quickly and recovery can be difficult.
Example
A fake vendor sends new wire instructions right before an invoice is due.
Warning signs
- Payment details changed by email only.
- You are told to send money immediately.
- The recipient details do not match what you expected.
Safer next steps
- Verify payment changes by phone using a known number.
- Use a second reviewer for large payments.
- Contact your bank immediately if you sent money to the wrong place.