Q&A: Why Has There Been an Acceleration of Wire Fraud?

Why has there been an acceleration of wire fraud?

The acceleration of wire fraud has been intense, and it is exploding right now. And the reason is because bad actors are very easily able to gain information that allows them access to peoples’ bank accounts. That’s the bottom line. There’s a lot more opportunity to pretend to be someone you’re not because we use email, texts, and all kinds of other electronic communications, whereas prior to that it was all by phone, by letter, or in person. It’s just technology has given bad actors a lot more opportunities to commit crimes.

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More Q&As on this Topic:

• What is wire fraud?

• Who is responsible if I am scammed in a wire transaction?

• Why has there been an acceleration of wire fraud?

• How can a bank be held responsible in a wire fraud case?

• What are the risks of wire transfers?

• What are banks obligated to do in Colorado in a wire fraud case?

• Do banks have a responsibility to try to intervene in potential wire fraud?

• What are banks’ obligations in wire fraud cases?