How to spot and prevent money transfer scams

Money transfers are a convenient way to send and receive money. That's why scammers often use them to trick people into sending them money. Transferring money is like sending cash—once it’s gone, you probably can’t get it back.

Here are some of the most common types of wire and money transfer scams and how to protect yourself from them.

Fake check scams - Someone sends you a check and tells you to deposit it. They tell you to wire some or all the money back to them—or to another person. If the check is fake, it can take weeks for the financial institution to figure it out, but when it does, you will be expected to repay the money you withdrew.
Romance scams - Scammers create fake profiles on dating sites and apps. They start a relationship with you and work to build your trust. Eventually they make up a story, like a family emergency, and ask for money.
Real estate scams - You respond to an ad for an apartment, house, or vacation home at a surprisingly low cost. Before you’ve even seen the property, you apply and are told to wire money for an application fee, security deposit, or the first month’s rent. After you wire the money, you find out that there is no place for rent.
Tech support scams - Scammers like to take advantage of people who may be uncomfortable with computers which is why tech support scams are so popular among online thieves. The scammer will pretend to call from a reputable business claiming they need to fix issues or remove viruses they'll say they found on your computer for a fee.

How to stay protected

One of the best ways you can prevent wire or money transfer fraud is to never send funds to someone you don’t know. Never transfer money to anyone:

You haven’t met in person
Who says they work at a government agency like the IRS, SSA, or a well-known company
Who pressures you into paying immediately
Who says a wire transfer is the only way you can pay

OAdditionally, make sure you protect your information and never give out personally identifying information to someone over social media, email, phone, or text message.

If you’ve wired or transferred money to a scammer, contact the service provider used and report the fraudulent transfer. You can also report the fraud to the Federal Trade Commission at ReportFraud.ftc.gov.