Are wire transfers a safe way to send money?

Wire transfers are safe, but they are also often used by scammers to commit fraud, so you should proceed with caution. Fremont Bank has taken appropriate steps for fraud prevention. Since Wire transfers are immediate and almost irreversible, it is very important that you protect yourself from online payment scams and wire frauds.

Stay safe by taking the following steps:

  • Protect your information: Never give out your bank account information, credit card number or Social Security Number to advertisers or unsolicited callers, or to anyone via text message or email.
  • Make sure that your electronic devices, such as computers, phones, and tablets, are safe and that the internet connection you use is secure. This will reduce the risk of having your financial and personal information stolen.
  • Never wire money to anyone you don’t know: Don’t fall for enticing stories or work op-portunities presented to you by strangers. If someone you don’t know asks you to wire money, think carefully about who is making the request.
  • Be wary of cash wire transfers: Problems that arise from wire transfers are often related to cash wire transfers, like the ones people make via Western Union or MoneyGram. These companies do not verify the identity of the sender nor the recipient.
  • Check your bank statements regularly: Keep an eye on your bank statements. If there’s a suspicious transaction, inform your bank as soon as possible.
  • Beware of common scams: Be aware of common baits. This can include employment of-fers, deals on products, romance / family scams or news that you have won some kind of reward. More details on these can be found below.

Wiring money is like sending cash — once you send the money, you cannot get it back. Always send money to a trusted beneficiary only.