Wire Fraud

Overview

Wire fraud is a type of financial crime where criminals use electronic communications, such as email, phone, or messaging, to deceive victims into transferring funds. Common schemes include business email compromise (BEC), impersonation fraud, and fake invoice scams.

Wire fraud is a federal offense in jurisdictions like the US and carries heavy penalties. Financial institutions must deploy fraud detection, anomaly monitoring, and strong authentication to detect and prevent wire fraud. Regulators encourage training employees and customers to spot red flags, such as urgent transfer requests or altered beneficiary details. Wire fraud poses major risks to banks, businesses, and individuals, often resulting in significant losses.

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