Wire transfers provide businesses with a fast, efficient and cost-effective way to receive or send funds.
Although most companies are happy to use wire transfers, fraud is a widespread hazard that can threaten your business’s bottom line.
What is wire fraud?
It is a form of financial fraud involving technologies such as telecommunications. Instead of using a credit card, a wire transfer allows you to move significant amounts of money. When wire fraud occurs, those operating businesses in or near Houston, TX, risk losing substantial funds. For example, if a scammer sends you a fake invoice, but it looks like the real thing to one of your key employees, you could lose a significant chunk of money.
Are there any warning signs of wire fraud?
Yes, which means you might be able to spot a fraudulent transaction before any real damage occurs. Our attorneys want to share with you some of the most common signs of wire fraud:
- Invoices, emails or payment requests with misspelled words
- Refusals to take phone calls or avoiding direct contact
- Revised payment instructions (asking to use a different account)
- Emailed payment requests with incorrect return email addresses
- Requests for rushed payments to the sender
Although your goal is avoiding wire fraud altogether, you can find a legal solution if you have already lost funds to fraud. An attorney experienced in business law can help you choose a remedy that will protect your business interests and put your money back where it belongs—in your possession.
We invite you to learn more about business law and fraud by continuing to review our blog and website content.