Imagine this: you’re in the middle of buying your dream home and have been emailing your attorney to finalize the details. Then, an email arrives saying the wire instructions for your $45,000 down payment have changed. It looks completely legitimate, so you follow the new directions and send the money.
Unfortunately, the funds never reach your attorney. Instead, they’re gone — wired straight into a scammer’s account.
This type of fraud occurs when criminals gain access to your email account and monitor your email conversations. Once they spot an opportunity, they send a convincing message that appears to come from a trusted contact, often changing payment or wire details to divert funds to their own accounts.
To protect against this type of scam, never rely solely on email to verify payment or wire instructions. If you receive an email requesting a wire transfer or a change to existing instructions, always confirm the details directly with the intended recipient using a known, trusted phone number. Avoid calling any numbers listed in the suspicious email, they may also be fraudulent.
Scammers favor wire transfers because they’re nearly impossible to reverse and enable stolen funds to be moved quickly. Taking a few extra minutes to verify instructions through a separate communication channel can prevent significant financial loss and stress.
Go to consumer.ftc.gov/articles/what-know-you-wire-money to learn more about wire fraud.
Our experienced bankers are here to help. If you believe you may have wired money in response to a scam — or if someone is pressuring you to send a wire and something seems suspicious — please contact us immediately at 800.922.6872.
