Both businesses and individuals can wind up falling victim to wire fraud schemes. Wire fraud schemes often involve one or more individuals hoping to benefit financially by tricking or manipulating the victim into completing a transfer of funds. Wire transfers are direct, almost instantaneous if completed while the Fedwire Funds Service is open for business.
Wire fraud can be particularly insidious because it can be difficult or impossible to stop a fraudulent transfer, as the funds move directly out of a victim’s account. Wire fraud is often difficult to track, so the victims often stand little chance of getting back the misappropriated funds involved in the fraudulent transfer.
If your business organization has recently fallen victim to a wire fraud scheme, what options might you have?
You may be able to reach out to ask for an investigation
Wire fraud can result in federal criminal charges. Victims of attempted or completed wire fraud schemes may be able to provide information to federal investigators or government agencies that will result in an arrest and prosecution.
For some victims, a successful prosecution could possibly result in a partial repayment of the fraudulently obtained funds, depending on what assets of the perpetrator the government is able to freeze, seize or redistribute to victims.
You may be able to take civil action in certain circumstances as well
Wire fraud obviously has financial implications for your business. You will lose the amount you wired, as well as anything else you spend in anticipation of goods or services you expected to receive as part of the fraudulent transfer.
If you can locate the business organization allegedly involved in the transfer or even those who aided the individual or business that committed an act of fraud against you, you may be able to take civil action as well.
Depending on what information you have and the scope of the fraud, the best solution may be a combination of these two approaches. Going over the situation that led to wire fraud with an attorney familiar with this unique area of law can give you an idea of what options are available to your business as you try to recover from this criminal act.