4 Tips for Avoiding Wire Fraud

Fraudsters are always looking for new ways to access accounts and money that doesn't belong to them, including seeking information via wire fraud. Here are 4 things to keep in mind to help prevent wire fraud.

Verbally Confirm the Request: Fraudsters are using email to request wire instructions. Always call your beneficiary from a number you have on file for them and verbally confirm the details of the wire instruction, including account number, name on account, bank, etc.

Monitor Your Accounts Online: Make sure you have access to online banking to monitor all of your account activity, including wire transfers and ACH.

Use Multifactor Authentication: Confirm that your financial institution uses added layers of security for online transactions, like Security Manager, which is used by First Commonwealth. This additional layer of security protects you against fraudulent transactions in the event your online banking credentials are compromised by a hacker, and then used to attempt to transfer funds out of your account(s) via wire transfer or ACH. 

Take Action Immediately: If you suspect wire fraud, contact your bank immediately and ask them to contact the financial institution where the wire was sent. You can also contact your local FBI office for assistance.