Wire fraud is a threat that can lead to significant financial losses. Being vigilant and taking preventive measures is crucial to safeguarding your assets. Here are five essential tips to help you avoid becoming a victim of wire fraud.

• Verify the Recipient: Double-check recipient info and confirm via a trusted contact method.
• Be Wary of Phishing: Avoid sharing personal info from unsolicited emails, calls, or texts.
• Use Secure Networks: Conduct financial transactions on secure, private networks with up-to-date security.
• Monitor Accounts: Regularly check for unauthorized transactions in your financial statements.
• Limit Sharing Personal Info: Only share personal and financial information when absolutely necessary and with trusted entities.

If you are involved in a transaction that involves a large payment via wire, such as a real estate purchase that requires payment of closing costs, make sure that you double and even triple check the wire payment instructions. In some cases, fraudsters pretend to be real estate or closing agents in order to perpetrate the wire scam.

Here are a few other wire scams that you should look out for:

• Fake check scam – The victim unexpectedly receives a fake check and the scammer asks for a partial return of funds via a wire payment.
• Government agency scam – Fraudsters pretend to be a government agency like the IRS and threaten the victim with harsh penalties if a wire payment is not sent.
• Utility scam – The victim is threatened with having their utility services cutoff if they don’t provide payment.
• Dating apps scam – Fraudsters build fake profiles on dating apps, make connections with unsuspecting users, and build trust until they eventually request money.
• Tech support scam – This well-known scam involves the perpetrator contacting the victim informing them that their computer needs some type of repair, but they require payment to proceed.

Knowing of these scams and taking precautions can significantly reduce the risk of becoming a victim of wire fraud.