*First National Community Bank’s blog does not constitute legal, tax, accounting, investment or other professional advice. Recipients should consult their professional advisors for advice.

At First National Community Bank, we are committed to helping our customers protect themselves from fraud, especially when it comes to wire transfers. With an increasing number of wire transfer fraud incidents over the past year, it's more important than ever to be cautious and vigilant when sending money. Scammers are constantly looking for ways to deceive individuals into sending money via wire transfers, and once the money is sent, it’s often gone for good. Below, we’ll outline some essential practices to keep in mind when initiating a wire transfer, and provide helpful tips to help you stay safe.

1. Always Verify Wire Instructions by Phone: One of the most important steps to safeguard yourself from wire fraud is always verifying wire transfer instructions by phone. Never rely solely on email or text messages, as these can easily be hacked or spoofed by scammers. If you receive wire instructions via email or a message, take the extra step to contact the recipient directly using a phone number you know to be legitimate (not the one provided in the message). This ensures that you are sending money to the correct person or organization. It may feel like an inconvenience, but it’s a simple way to protect yourself from potentially devastating losses.

2. Be Cautious of Emails That Change Wire Instructions or Ask for Passwords:  A common trick scammers use is to send emails that change the original wire transfer instructions or ask for a password or other confidential information. You should always be suspicious of any request to change wiring instructions, especially if it comes from an unexpected email address or if you’ve never received such a request before. Scammers often impersonate legitimate businesses or even colleagues to trick you into wiring money to a fraudulent account. If you’re ever in doubt, don’t hesitate to double-check the request with the company or individual directly.

3. Recognize Common Wire Transfer Scams: Scammers often use various tactics to pressure individuals into wiring money. Below are some common scams that have been reported:

  • Family Emergency Scams: Scammers may call pretending to be a family member or close friend in distress, asking you to wire money to help them. They might sound panicked, but remember to verify their identity before sending funds.
  • Romance Scams: If you've been communicating online or through social media, scammers may build a relationship with you and then fabricate an emergency or travel issue to ask for money. Always be cautious, especially if you haven’t met in person.
  • Prize Scams: If you receive a call or email claiming you’ve won a prize but need to pay fees or taxes upfront via wire transfer, it's likely a scam. Real prizes don’t require payment before claiming them.
  • Fake Check Scams: In this scam, someone sends you a check and asks you to wire part of the money back. The check is often fake, and by the time the bank realizes, the money has already been sent to the scammer.

4. Escalate Suspicious Requests: If you’re ever unsure about a wire transfer request, don’t hesitate to ask questions or escalate the situation to a supervisor. The more information you gather, the less likely you are to fall victim to fraud. If you have a gut feeling that something isn’t right, it is important to trust your instincts.

5. Be Aware of Money Transfer Services:  While services like Western Union, MoneyGram, etc.  can be helpful in sending money quickly, they are also the methods of choice for scammers. Once money is sent via these services, it’s nearly impossible to trace or recover. Always make sure you trust the recipient completely before using these services. If the recipient is pressuring you to send money quickly, take a step back and reconsider the situation.

6. What To Do If You’ve Been Scammed: If you’ve already sent money and believe you’ve been scammed, it is important to act quickly. Contact the wire transfer company immediately and report the fraudulent transaction. If the transfer was done through your bank, notify us as soon as possible so we can assist in reversing the transaction if possible. Additionally, report the fraud to the Federal Trade Commission (FTC) at www.ReportFraud.ftc.gov

Wire transfer fraud is a serious issue, but with awareness and the right precautions, you can significantly reduce the risk of falling victim to it. At First National Community Bank, we want to empower you with the knowledge to keep your funds secure. Remember to verify wire instructions by phone, be cautious of requests that seem unusual, and escalate suspicious situations. If you ever feel uncertain, don’t hesitate to contact us for guidance. Together, we can help protect your hard-earned money. For more information on common wire transfer scams, check out the article from the Federal Trade Commission: What To Know Before You Wire Money: https://consumer.ftc.gov/articles/what-know-you-wire-money

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