Wire transfers are a convenient way to send money, however wire fraud attempts have been on the rise. Fraudsters may impersonate a local business, friend, family member or even your financial institution to convince you to send money to a fraudulent account. They often do so through unsolicited calls, text messaging, hacking/phishing and social media scams.

Before you send a wire, take a moment to protect yourself:

•  Verify the request. If you receive wire instructions by email or text, independently contact the person or business using a phone number you already know, not the number provided in the email.
• Be cautious of last-minute changes. A request to change previously provided wiring instructions should always be treated as suspicious.
•  Don’t rely on email alone. Scammers can create convincing emails and even compromise legitimate accounts.
• Slow down. Fraudsters often create a fake story and a sense of urgency and pressure you to act immediately. Take time to verify before sending funds.
• Double check the details. Carefully review the recipient’s name, account number, routing number and other instructions before authorizing the transfer.
• Ask us questions. If something doesn’t seem right or you feel pressured, stop and contact us at 508-634-2500.

Remember: Wire transfers act like cash. Once a wire transfer is sent, banks cannot cancel it; in most cases the money cannot be recovered. You are responsible if you send money to a fraudster.

To learn more about wire fraud, visit FTC Wire Transfer Scams | Consumer Advice