PREVENT WIRE FRAUD
RECOGNIZE THE WARNING SIGNS
WHAT IS WIRE FRAUD?
Wire fraud is a crime in which a person creates a scheme to defraud or obtain money based on false representation or promises via electronic communication—such as a phone call, fax, email, text, or social media messaging, among others.
SENDING A WIRE IS LIKE HANDING CASH OVER TO SOMEONE. THE BANK CANNOT REVERSE THE WIRE ONCE IT HAS BEEN SENT.
NEVER WIRE MONEY TO:
• A stranger - in this country or anywhere else.
• Someone claiming to be a relative in a crisis - and who wants to keep their request for money a secret.
• Someone who says a money transfer is the only form of payment that’s acceptable.
• Someone who asks you to deposit a check and send some of the money back.
Report bank account fraud by seeking the assistance of your Adams Bank & Trust banker. File a complaint with the Federal Trade Commission at 877.382.4357, local law enforcement, or your State Attorney General.
BEFORE
YOU SEND A WIRE, ASK YOURSELF:
HAVE YOU BEEN ASKED TO DEPOSIT A CHECK INTO YOUR BANK ACCOUNT WITH INSTRUCTIONS TO WIRE A PORTION OF THAT MONEY TO SOMEONE ELSE?
Checks take time to clear so you may not know if the check is good. If the check bounces, you will be completely and legally responsible for the amount of the check. Wire transfers are instant and we cannot get them back if you change your mind. Sending a wire is like handing over cash to someone far away. Once sent, your decision is final.
ARE YOU WIRING THIS MONEY TO COVER TAXES OR PROCESSING FEES ON LOTTERY WINNINGS OR A PRIZE?
If you are asked to deposit a check and send a wire to pay the taxes and/or fees, that check is fraudulent. If you deposit the check and wire a portion of it back, you are responsible for the money sent. You might also be asked to “prepay” the fees. If you send the money, you’ll never see it again and you’ll never get your prize money either.
HAVE YOU BEEN ASKED TO KEEP THE WIRE TRANSFER A SECRET FROM YOUR BANK, FAMILY, ATTORNEY, OR FINANCIAL ADVISOR?
Legitimate requests for wire transfers will not ask for secrecy or ask you to rush the process.
IS THIS MONEY BEING SENT TO SOMEONE CLAIMING THAT A FRIEND OR LOVED ONE NEEDS CASH RIGHT AWAY TO GET OUT OF A JAM, IS OUT OF THE COUNTRY, OR HAS BEEN IN AN ACCIDENT AND NEEDS TO PREPAY HOSPITAL EXPENSES?
Check it out with others in your family. Don’t keep the request confidential. If you absolutely cannot ignore the request, verify the person’s identity by asking very personal questions a stranger couldn’t possibly answer. Also, continue trying to reach others in your family to check out the story.
HAVE YOU SOLD SOMETHING AND RECEIVED A CHECK FOR MORE THAN YOU SOLD IT FOR?
The buyer claims that it is a mistake and to please send them a wire for the difference? Acting in good faith, you deposit the check and wire the funds back. Oops. The check bounces and you are liable for the money you wired.
ARE YOU WIRING MONEY TO SOMEONE WHO HAS ASKED YOU TO BE A MYSTERY SHOPPER?
You’re given a check to deposit into your personal account, then told to withdraw cash and wire the money to evaluate the “experience” at the money transfer service. The check bounces and you are responsible for the amount of the check.
HAVE YOU BEEN GUARANTEED A LOAN OR CREDIT CARD?
If you have to wire money in advance for the promise of a loan or credit card, it’s likely you’re dealing with a scam artist.
If it sounds too good to be true, it probably is. Did you answer ‘YES’ to any of these questions? If so, report it by contacting your Adams Bank & Trust banker. You should also file a complaint with the Federal Trade Commission at 877.382.4357, local law enforcement, or your State Attorney General.