Phishing Scams That Demand Wire Transfers
Phishing attacks targeting businesses and high-value individuals often culminate in fraudulent wire transfer instructions — exploiting the appearance of legitimacy that international bank transfers carry.
Part of: Phishing
Last reviewed: 1 June 2026
Wire transfers are the payment method of choice for high-value phishing fraud targeting businesses, because the amounts are larger than card transactions, the process mimics legitimate business practice, and transfers to overseas accounts are difficult to reverse once the recipient bank has processed them.
Business Email Compromise (BEC) is the dominant form: a phishing attack compromises an employee's email account, or a lookalike domain is used to send fraudulent payment instructions that appear to come from a legitimate supplier or company executive.
How this scam works on Wire Transfer
An employee in accounts payable receives what appears to be an urgent email from a senior executive or known supplier instructing an immediate wire transfer to a new bank account. The sender domain is either the real compromised account or a near-identical lookalike (e.g. company-name.co vs company-name.com).
Residential phishing wire transfer scams are less common but occur in property transactions, where a phisher intercepts communication between a buyer and solicitor and substitutes fraudulent bank account details for the deposit transfer.
Tax refund wire transfer phishing directs victims to enter bank details on a fake government revenue website, then uses those details to arrange outbound transfers rather than inbound refunds.
Common red flags
- Email requesting an urgent wire transfer to a new or changed bank account
- Sender whose email address looks correct at a glance but uses a slightly different domain
- Property transaction email changing payment account details for a deposit
- Pressure to process a transfer quickly without following normal approval procedures
- Request to keep the transfer confidential from colleagues until after it is processed
How to protect yourself
- Verify all wire transfer instructions by calling the requester on a known phone number — never the number in the email
- Implement a two-person authorisation policy for any wire transfer above a set threshold
- Check the full sender email address carefully, not just the display name
- Treat any request to change payment account details with heightened scrutiny
- Contact your bank immediately and ask for a recall if a suspicious transfer is made
How to report it
- Contact your bank immediately to request a wire recall — speed is critical
- Report to your national fraud service — in the UK, Action Fraud; in the US, the FBI IC3
- Report to the domain registrar if a lookalike domain was used
Frequently asked questions
How quickly can a fraudulent wire transfer be recalled?
Wire recall requests must be made within hours in most cases. Contact your bank immediately — not the next day. International transfers become significantly harder to recover once they reach the destination bank. There is no guarantee of recovery even with a prompt request.