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4 Tips For Spotting Wire Transfer Fraud

If It Sounds Too Good to Be True, It Probably Is

Lisa finally won the lottery. The caller told her, “You’ve won millions! Now just wire $400 for taxes.”

Eddie sold his camera online. But the buyer sent Eddie a check for more than the selling price. He asked Eddie to wire him the extra cash.

Henry found a listing for the perfect rental house. The owner told him to wire the deposit, and she would send the house keys.

What happens next?

This informative video from the FTC This video shows some common money wiring scams, and what happens to some people who meet the scams.

What is the top takeaway? Always investigate the situation before sending money. The FTC is a great source of information on this. Here are 4 of their top tips to protect yourself from money wiring scams.

1. Disregard any offer that asks you to pay for a prize or a gift.

If it’s free or a gift, you shouldn’t have to pay for it.

2. Never wire money to strangers.

Make sure you know exactly who you are sending money to.

An even safer option is utilizing Person 2 Person Payments with First Southern National Bank.

3. If you’re selling something, never accept a check for more than the selling price.

Ask the buyer to write the check for the correct amount. If the buyer refuses to send the correct amount, return the check and don’t sell the merchandise. Legitimate buyers should never pressure you to send money by wire transfer services.

4. If you accept payment by check, ask for a check drawn on a local bank, or a bank with a local branch.

That way, you can make a personal visit to make sure the check is valid. If that’s not possible, call the bank where the check was purchased, and ask if it is valid. Get the bank’s phone number from their website, and not from the check or from the person who gave you the check.


Jenna Walker
Communications Specialist

(606) 365-3555 Ext: 19405
Email: jwalker@fsnb.net