Protect Yourself from Wire Transfer Fraud

Cybercriminals are becoming increasingly sophisticated in the way they target businesses and individuals. One growing scam involves intercepting legitimate email conversations and changing payment or wire transfer instructions to redirect money into fraudulent accounts.

These scams, often called Business Email Compromise (BEC) fraud, rely on trust and timing. Fraudsters may gain access to an email account or create an email address that looks nearly identical to a legitimate one. They then monitor conversations and step in when money is about to change hands.

Common Warning Signs

Be cautious if you notice:

• Last-minute changes to payment or wire transfer instructions
• Requests to send funds to a new account
• Unusual urgency or pressure to act quickly
• Slightly misspelled email addresses or website domains
• Requests to bypass normal verification procedures
  
  

How to Protect Yourself

Whether you're purchasing a home, making a large business payment, or sending funds for another important transaction, a few simple precautions can help keep your money safe:

1.  Verify Before You Send

Always confirm wire transfer instructions using a trusted phone number or another verified contact method. Do not rely solely on information provided in an email.

2.  Watch for Email Red Flags

Look carefully at email addresses and be wary of unexpected requests, especially those involving money.

3.  Enable Multi-Factor Authentication

Adding an extra layer of security to your email and online accounts can help prevent unauthorized access.

4.  Take Your Time

Fraudsters often create a sense of urgency to encourage quick decisions. If something feels unusual, pause and verify before taking action.

5.  When in Doubt, Contact Us

Wire transfer fraud can happen quickly, and recovering funds can be difficult once money has been sent. If you receive suspicious payment instructions or have concerns about a transaction, contact us immediately.

At Access Credit Union, we're committed to helping our members stay informed and protected. A few moments spent verifying payment details can prevent significant financial loss and provide peace of mind.

Need support?

Contact us at 1.800.264.2926 and we’ll be happy to help.