News & Tips
How to Prevent Wire Fraud
Banking has never been more convenient, but staying vigilant is key to preventing wire fraud. With just a few clicks, you can send money anywhere, but it could end up in the hands of a fraudster if you’re not careful. Keeping your money safe starts with knowing how wire fraud works and what you can do to stop it.
Let’s look at what wire fraud means, the latest scams, and simple tips to stay protected.
What Is Wire Fraud?
Wire fraud is when someone tricks you into sending money electronically, often by pretending to be someone you trust. This could happen through an email, phone call, text message, or even an app. Once you send a wire transfer, it’s very hard, or sometimes impossible, to get your money back. This is why it’s so important to prevent fraud before it happens.
Top Wire Fraud Scams
1. AI Deepfake Scams
Artificial intelligence lets scammers create fake voices and videos. You could get a call or voicemail from someone who sounds like your boss, family member, or friend, asking you to wire money quickly. These deepfakes are so realistic, it’s hard to tell they’re fake.
2. Cryptocurrency and Investment Scams
Crypto is popular among many and so are crypto scams. Some scammers build online friendships or fake romantic relationships, then convince you to “invest” in phony crypto schemes. They might show you fake websites that make it look like your investment is growing. When you try to cash out, the scammer disappears.
3. Online Romance Scams
You meet someone online who seems real and caring. They claim to live or work overseas (like in the military or as a doctor) and eventually ask for help with money. They say it's for a ticket home or a sudden emergency and may even send short video clips to “prove” who they are, using deepfake technology.
4. Real Estate and Business Email Scams
Buying a house? Buyer beware. Scammers sometimes get access to a real estate agent’s email and send you fake wiring instructions. The emails look official, but if you follow them, your down payment could go straight to a criminal’s account.
5. QR Code Fraud (Quishing)
With QR codes everywhere, scammers are able to stick fake codes on top of real ones, like parking meters or restaurants. When you scan the wrong code, it takes you to a fake site to steal your money or info.
Why Scams Work: The Tricks Scammers Use
Fraudsters are sneaky because they know which buttons to push. Most wire frauds use urgency by telling you it’s an emergency and you must act fast. The forced panic makes you skip your usual checks. They also use authority by making the message seem like it came from someone important, such as a boss, bank, or loved one. This makes you trust the request without thinking twice. By recognizing these tricks, you can help yourself and others to slow down and think before reacting.
Wire Fraud Prevention Tips
Here’s how you can outsmart even the cleverest scammer:
1. Always Verify Before Sending Money
If you get new payment instructions or urgent requests, double-check first. Call the person or company on a trusted number, not the one in the message, and ask if the request is real. Pay attention to strange sender email addresses or odd grammar.
2. Use Strong Account Security
Passwords aren’t always enough to keep scammers out. Use Multi-Factor Authentication (MFA) on your email and bank accounts. This means you’ll need to use a code or fingerprint, not just a password, to log in.
3. Protect Your Personal Info
Be careful about what you share online. Scammers use social media to learn about you, clone your voice, or guess security answers. Don’t post things like when you’re buying a house, vacation plans, or other details scammers could use.
4. Check Your Accounts Often
Sign up for online and mobile banking alerts. With Space Coast Credit Union’s (SCCU) e-statements and alerts, you’ll get notified of big account changes or transfers. The sooner you spot unusual activity, the faster you can prevent it.
5. Take Your Time
If anything feels rushed, it’s a signal to slow down. Real companies and banks, including SCCU, will never make you wire money right away or threaten you with arrest.
6. Watch Out for “Too Good to Be True” Offers
Beware of “free” lotteries, grants, or investments with “guaranteed” returns. If it sounds too good to be true, it almost always is.
What to Do if You Suspect Fraud
If you think you’ve been scammed, it’s best to act quickly. We suggest you:
Contact SCCU right away. The sooner we know, the more we can help.
Change your passwords on your banking and email accounts.
Report the fraud to the FBI (IC3.gov) and the FTC (reportfraud.ftc.gov).
How SCCU Helps Protect You
At SCCU, we’re looking out for you. We’ll never call, email, or text you for your password, PIN, or one-time code.
Need help or want to report something suspicious? Contact us at 800-447-7228 or chat with us on our official website.
Stay Safe and Secure
The world of wire fraud is always changing, but so are ways to protect yourself. Stay aware, take your time, and don’t be afraid to ask for help. We’re here for you, working together for your peace of mind.