Fraud Information

FWLT is here to inform you of and help you avoid cyber fraud.
Wire Fraud Banner

What is Wire Fraud?

Wire fraud is an act of fraud that uses electronic communications, such as making false representations on the telephone or via email, to obtain money.

How does wire fraud work?

Wire fraud occurs when a fraudster obtains money based on false representation or promises.

For example, you may receive wire instructions which appear to be from the settlement agent or attorney, when in fact they are from a fraudster.

Precautions to protect against WIRE/ACH Fraud:

  • Do not share your online banking logon credentials (user ID and password) with anyone
  • Do not share your account number with anyone who does not need it.
  • Never access your bank account using a public computer (e.g., at the library or a hotel business office).
  • Monitor your accounts regularly for unauthorized transactions. Report any unauthorized transactions to your bank immediately.
  • Be suspicious of emails from free, public email account domains as they are often a source of risk.
  • Watch out for phishing emails with embedded links, even when they appear to come from a trusted source.
  • Install a firewall on your computer to prevent unauthorized access.
  • Be skeptical of any change in wiring instructions.
  • Confirm wire and other disbursement instructions received by email via confirmed telephone at a known or independentlyconfirmed number, not the telephone number at the bottom of the email.
red alert banner

Don't be a victim! Vigilance and a healthy dose of skepticism are the best weapons in the battle against cyber fraud.

The stories regarding hacked email accounts, forged wire instructions, cyber fraud and other risks continue to be reported at an alarming rate. Protect yourself, your business and your customers by sharing these helpful tips.

In the cyber world, criminals are communicating with you posing as your customers. Worse, they are communicating with your customers posing as YOU.
  • Be especially skeptical of any change in wiring instructions from us or any parties involved in the transaction. How often do people and businesses change their wire instructions? Specifically, if you receive an email or any other communication that appears to be generated from our office, containing new, revised or altered bank wire instructions, consider it suspect and call our office at a number you trust.
  • Wire and other disbursement instructions received by email should be confirmed by telephone at a known or independentlyconfirmed number, NOT the telephone number at the bottom of the email you are trying to confirm.
  • Confirm the account to which you are wiring is in the name of the party entitled to the funds; encourage buyers and sellers to do the same.
  • Be suspicious of emails from free, public email domains that pertain to the movement of money, as these email accounts are often a source of risk.
  • Consider what email account domain you use for any financial business. As stated above, the free, public email account domains are a target for cyber-thieves and, without additional levels of security, are particularly vulnerable to attack.
  • Watch out for phishing emails with embedded links, even when they appear to come from a trusted source.