Email wire fraud is a sophisticated scam that involves the use of social engineering to conduct an unauthorized transfer of funds. Social engineering is defined as manipulating individuals into divulging confidential or personal information that may be used for fraudulent purposes.

A common scammer pattern is to become involved in a transaction, such as the sale of real estate. Cybercriminals imitate the seller or his/her lawyer’s email and instruct the buyer to wire funds to the scammer’s bank account. Failure to verify the instructions leads to the funds being wired to the scammer.

for example, is a common example of wire fraud. When a scammer sends an email claiming to be a Nigerian prince who is down on his luck in some way, usually exiled, and is unable to access the fortune in his Nigerian bank account, the recipient should be suspicious.

Fake Buyers browse online ads and newspapers for their targets. Then, they contact those stores, pretending to be an interested buyer. Then, they overpay with a counterfeit check and instruct you to wire the balance. Other times, they may send a check for the correct amount, then back out of the deal and ask for a refund.

You receive a message stating you’ve won a huge sum of money, and then go ahead to tell you to send a wire transfer to cover a “processing fee” or lottery taxes. Once you send the money, the scammers block all contact with you. 

Protect yourself from such scams by never paying or sending money to strangers who claim you have struck gold.

Scammers pose as loan agencies, and when you apply for a loan, they ask you to wire an amount of money to process your application. However, once you send the money, you never receive the loan.