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Transit Employees Federal Credit Union

Protecting Yourself Against Wire Fraud

Wire fraud is becoming increasingly more common. If you have ever bought a house, used a dating site, or have elderly relatives, you’ve been subject to being a victim of wire fraud. As your financial institution, we are here for you to try to best protect you as we reasonably can.
 
Once a money transfer is picked up, there is little you can do to get your money back. Below are tips on how you can protect yourself from wire fraud.
 
Ask questions. Are you familiar with the person requesting the wire? Ensure you verified they are who they say they are. A common wire fraud scam is the “grandparent scam”. The scammer will pose as a grandchild or family friend, state your grandchild is in a foreign country, and needs money. Do not act quickly and take the necessary steps before sending any money.
 

Be cautious. Wire fraud can happen to anyone. Mortgage closing scams target homebuyers who are nearing the closing date. The scammer will pose as your real estate agent or settlement agent and have you wire them the closing payments. To avoid a mortgage scam, write down all name and contact information of your agent and settlement agent (trusted representatives). Before wiring any funds, call your settlement company to verify using the phone number. If you’re unsure, call your trusted representatives.

When you are a victim of wire fraud, contact TEFCU or your wire-transfer financial institution immediately. Ask for a wire recall to try to increase the possibility of recovering your funds. File a complaint with the FBI at www.ic3.gov.