Fraud: Wire Transfers & Cash Withdrawals
Posted
on Wednesday, July 31, 2024
in
FInancial Management & Trust Services
Fraud: Wire Transfers & Cash Withdrawals
A wire transfer is a way of moving money electronically between two banks. Wire fraud is a scheme that attempts to defraud or obtain money based on false representation or promises. It can occur in many different forms these days — from a phone call or an email to a text or social media messaging. Scammers may also ask you to withdraw cash to purchase other monetary instruments.
First National Bank’s team is trained to ask multiple questions before sending funds by wire. You can help even more by educating yourself on the tactics used by con artists. This will add yet another layer of protection to your funds.
BEFORE WIRING FUNDS OR TAKING OUT CASH, ASK YOURSELF THE FOLLOWING...
- Is someone on the phone with you right now?
- Has someone remotely accessed your computer, unsolicited, and is requesting payment?
- Are you being instructed to take out cash to purchase Bitcoin, crypotocurrency or gift cards?
- Have you received a request to take out cash by email, by phone from an unknown phone number, or by someone who you have never met in person?
- Is someone pressuring or threatening you to send funds immediately, for any reason?
- Have you been asked to send money by wire transfer, or other delivery process, to benefit a government agency?
WIRE SAFETY TIPS: AVOID BEING SCAMMED
- Don't wire money, send cash, or use gift cards or cryptocurrency to pay someone who says they're with the government. Scammers ask you to pay these ways because it's hard to track that money, and almost impossible to get it back.
- Don't give your financial or other personal information to someone who calls, texts, or emails and says they're with the government. Hang up the phone and call the government agency directly at a number you know is correct.
- Don't trust your caller ID. Caller ID can be faked; it could be anyone calling from anywhere in the world.
- Don't click on links in unexpected emails or text messages.
- Don't click on the link in a pop-up or call the phone number. Scammers will pretend to be from a real company — like Microsoft or Apple. Never let anyone remotely access your computer unless you’re 100 percent sure you’re working with the correct company.
WIRE TRANSFER PROCESS
- Wire transfers can only be initiated in-person by current First National Bank customers. We do not accept wire transfers by phone, fax, or email.
- Only collected funds will be used to send a wire transfer.
- The customer's signature is required at the time of transfer.
- Wire transfers are sent Monday-Friday, until 2:30 p.m.
- The fee for outgoing domestic wire transfers is $35.00 plus tax ($37.45).
- The following information is required to initiate a wire transfer: Amount; ABA/routing number of receiving bank; and the name, physical address (no PO Boxes); and account number of the receiving party.
Did you answer “yes” to any of the above questions? If so, you may be getting scammed!
- fraud management
- fraud prevention