Wire Fraud Archives - Charlotte Law

Wire Fraud

Wire Fraud

The very word ‘fraud’ is basically used to describe any plan that was done to trick someone or a group of people into something that was either illegal or that benefited the person committing the fraud at the expense of victims. Wire fraud is that exact same thing, except it is fraud that happens over wires and other electronic communication.

What Makes ‘Wire Fraud’ Wire Fraud

The suspect has to have took part in an illegal scheme to scam another person, business or organization out of their money with the intention of doing so, that it was and they had to have used a wire or some form of similar electronic communications, especially interstate communications, to scam that person. Wire communications covers nearly everything electronic: e-mail, credit cards, TV, internet, telephones, and so forth.

Understanding the Motivations of a Scammer

A scammer would want to use wire fraud in the first place in order to benefit financially. For this reason, the most common type of wire fraud that has been seen is telemarketing fraud, as it is done over the phone and usually yields the best results (it’s easy to trick someone into revealing their bank account or their credit card information).

Wire Fraud

But due to internet essentially becoming as important as electricity, it would make sense for the internet to become a source of wire fraud as well. A person with the intent to commit wire fraud could easily send out unsolicited e-mails to many different addresses, and attempt to convince people that they need to yield personal/financial information. That’s all it takes for the scammer to have easy access to the person’s financial accounts and credit cards

At that point, the scammers would be nearly free to do what they want with your money. They could either withdraw every last dollar from your account or take it incrementally in small amounts over time. You would pay easy attention to seeing hundreds or thousands of dollars being withdraw from your account, but having small increments of twenty or thirty dollars being withdrawn at random intervals would be much less noticeable.

The good news is that these scams are quite easy to detect, so you’ll have to use your own judgment if you feel that you are being scammed. Besides, it’s probably not a good idea to yield your bank account or credit card information to somebody you don’t know anyway.