Protect Yourself from Wire Fraud and Cybercrime

Wire fraud is a type of fraud that is perpetrated using some form of telecommunications or the internet, such as a phone call, a fax, an email, a text, or social media messaging. Wire fraud is a growing threat, and can manifest in many different forms and scenarios, including romance scams, email phishing for private information, fake lottery prizes and more.

Real estate wire fraud is a fast-growing cybercrime, and criminals have become highly sophisticated. This type of fraud involves scammers hacking or impersonating key parties like attorneys, lenders, title companies and real estate agents to trick buyers (and even sellers) into wiring funds into fraudulent accounts.

It’s crucial to treat every communication instructing you to wire funds with suspicion. Even though emails and communications may appear legitimate, featuring familiar display names and signatures, be wary of communications being “spoofed.” Spoofing involves creating emails that look like they come from someone else or even making it appear that a call is from a trusted number, when it’s actually from a scammer. Other things to look out for in any communication are a sudden sense of urgency or indication of an issue requiring immediate action. And another major red flag is a change in the account number that is to receive the wire. Below are some tips to help keep you safe from becoming a victim of wire fraud.

Safeguarding Against Wire and AI-Related Fraud

• Verify All Requests for Funds: Always confirm wire transfer instructions directly with the requester using a known, independently verified phone number—never rely on contact details from emails or messages.
• Be Cautious with Email and Messaging: Watch for domain name variations, unexpected “reply to” addresses, and urgent or unusual requests. Avoid sending sensitive information through unsecured channels like email.
• Use Secure Communication Methods: When sharing confidential information, opt for encrypted messaging, secure mail services, or direct phone calls over digital communication.
• Confirm Fund Transfers Promptly: After wiring money, immediately verify with the intended recipient that it was received. Reporting suspected fraud within 24 hours greatly improves recovery chances.
• Watch for AI-Driven Scams: Be skeptical of deepfake audio, video, or unfamiliar voice/video messages requesting money or personal data. Fraudsters may use convincing synthetic media to impersonate trusted individuals.
• Validate Identities: If you receive unexpected requests for money or sensitive info—via email, phone, or chat—independently verify the person’s identity before proceeding.
• Beware of AI Chatbots in Financial Transactions: Some scammers use AI-generated chatbots that mimic real customer service agents. Always confirm transactions and account changes directly with a known representative.

What to Do If You Believe You Are a Victim of Wire Fraud

If you suspect wire fraud, immediately contact Modera, the custodian sending the wire, and your local FBI office. File a complaint with the Internet Crime Complaint Center (IC3).

Additional Security Measures

• Freeze Your Credit: Prevent criminals from opening credit accounts in your name.
• Two-Step Verification: Use security codes for online account access.
• Secure Passwords: Utilize password manager software for strong, unique passwords.
• Biometrics: Enable fingerprint, voice, or facial recognition on devices.
• Avoid Clicking Links: Be skeptical of emails and texts with links unless certain of their legitimacy.
• Verbal Verification: Confirm disbursement instructions by calling known phone numbers.
• Account Alerts: Set up alerts for important changes to your accounts.
• Monitor Activity: Regularly review account statements and report unfamiliar transactions.

Be Suspicious of Unsolicited Communications

• Be wary of unexpected phone calls, emails, and texts asking for money or personal information. If you receive a suspicious call, hang up and call back using a known contact number.
• Avoid sharing sensitive information via email, as it can be compromised and used for identity theft.
• Do not disclose personal information on social media, such as your birth date or contact details.
• Be cautious with money movement instructions received via email. Always call the sender at a known number to verify details.

Protect Your Technology

• Keep your web browser and operating system updated with appropriate security settings.
• Install anti-virus, anti-malware, and anti-spyware software on all devices.
• Enable security settings on applications and web browsers.
• Securely dispose of old hardware.

Be Cautious with Public Networks

• Use trusted or secure wireless networks. Prefer your personal Wi-Fi hotspot over public Wi-Fi.
• Do not accept software updates while connected to public Wi-Fi.

Strategize Your Login Credentials

• Avoid using personal information in your user ID.
• Create unique, complex passwords for each financial institution. Consider using a password manager.
• Use two-step verification whenever possible.

Beware of Phishing

• Do not click on links or attachments in suspicious emails or texts. Type the web address directly into your browser.
• Hover over links to check their full URL before clicking.
• Be suspicious of emails with grayed-out Cc: and To: lines, as they may be mass-distributed.
• Check the sender’s domain name to ensure it matches what you expect.
• Activate spam filters to prevent unsolicited emails.

By following these guidelines, you can better protect your investments from wire fraud and hacking. Stay vigilant and proactive to safeguard your financial future.

Your Modera team is here to support you in staying vigilant and proactive to help protect your financial future. We have several additional resources to help educate our clients on fraud and cybersecurity, including our Cybersecurity Policy Overview. For more information on the many types of fraud and scams that exist, visit the FBI website.