Wire Transfer Fraud
Fraud that tricks an individual or business into sending an irrevocable bank wire to a criminal-controlled account, typically through impersonation or fake payment instructions.
Also known as: bank transfer fraud, push payment fraud, wire fraud
Last reviewed: 1 June 2026
A wire transfer (or bank transfer) is an electronic movement of funds between accounts, usually irreversible once sent. Criminals target wire transfers precisely because — unlike card payments — they cannot easily be recalled by the victim after execution.
Fraud takes several forms: business email compromise (BEC) involves hijacking or spoofing business email accounts to redirect legitimate invoice or payroll payments; romance scams use emotional leverage; and impersonation scams pose as solicitors, estate agents, or conveyancers to intercept property transaction funds.
Once the money lands in the fraudster's account it is typically moved rapidly — often through a chain of money-mule accounts or converted to cryptocurrency — making recovery very difficult. Banks in some jurisdictions operate 'confirmation of payee' checks that verify account names before authorising transfers, but these offer incomplete protection when recipients have convincing fake identities.
Examples
- A homebuyer receives an email appearing to be from their solicitor with updated bank details for the completion payment — the account belongs to a fraudster.
- A finance team member wires a supplier payment to new account details received in an email that closely mimics the supplier's address.