Wire transfer Scams
Why scammers insist on wire transfers — and why they are so difficult to recover.
Last reviewed: 1 June 2026
Wire transfers — bank-to-bank electronic payments — are a preferred payment method for scammers because they are fast, difficult to reverse, and can cross international borders quickly. Once a wire transfer is received by a fraudulent account, the funds are typically withdrawn within hours.
Scammers demand wire transfers across a wide range of fraud types: business email compromise, real estate closing fraud, romance scams, and investment schemes. The involvement of a bank can create a false sense of legitimacy — many victims assume that a payment made through a bank is inherently safer.
This guide explains why wire transfers are so commonly used in fraud, the situations where the risk is highest, and the steps to take if you have wired money to a scammer.
Common scams using Wire transfer
Business email compromise (BEC)
Fraudsters intercept or spoof business email to redirect legitimate invoice payments or supplier transfers to fraudulent accounts.
Real estate closing fraud
Buyers receive spoofed emails appearing to be from their solicitor or title company, redirecting closing funds to a scammer's account.
Investment and 'broker' fraud
Victims are persuaded to wire funds to overseas 'investment accounts' that are controlled by scammers.
Romance scam emergency requests
An online partner describes a financial crisis and asks for funds via wire transfer.
Advance fee fraud
Victims wire a series of fees to release a large prize, inheritance, or business deal that never materialises.
Common red flags
- Any last-minute change to previously agreed wire transfer details — especially bank account numbers
- Investment opportunities that require wire transfers to overseas accounts
- A romance contact or new acquaintance requesting a wire transfer for any reason
- Urgency that discourages you from verifying payment details independently
- Instructions to wire funds to an individual rather than a recognised financial institution
How to protect yourself
- Verify all wire transfer details by calling the recipient on a known, independently sourced number before sending
- For real estate transactions, confirm bank details with your solicitor in person or by phone — never by email alone
- Treat any change to payment instructions received by email as a red flag requiring verification
- Be sceptical of any investment requiring international wire transfers
- Ask your bank about wire recall procedures before initiating a transfer you are unsure about
How to report it
- Contact your bank immediately — the faster you act, the higher the chance of recall
- File a report with your national fraud authority and, in the US, the FBI's Internet Crime Complaint Center (IC3)
- If the wire was related to a property transaction, contact your solicitor and their professional indemnity insurer
Frequently asked questions
Can a wire transfer be recalled after I have sent it?
Sometimes, if you act within hours. Contact your bank immediately and ask them to issue a SWIFT recall or contact the receiving bank. The chances of recovery decrease quickly once funds are received and withdrawn.
Why do scammers prefer wire transfers?
Wire transfers are fast, can cross borders, and are very difficult to reverse compared to card payments. They also appear official, which can make victims less cautious.
My property solicitor sent new bank details by email — should I use them?
Call your solicitor on a number you have used before and verify the details in person or by phone. Real estate fraud often involves intercepted emails that redirect closing funds. Never change bank details based on email alone.