The emotions a fraud victim experiences are difficult to describe. There’s a deep sense of helplessness that accompanies it. Like other crimes, fraud leaves a person feeling frustrated, angry, devastated, and ashamed. Many fraud victims are later haunted by feelings of inadequacy, disappointment, or disbelief—emotions that can be more painful than the financial loss itself. These feelings can damage one’s self-image and lead to a sense of being judged, ultimately leaving victims feeling powerless and insufficient.
There’s nothing quite like the betrayal of placing your trust in someone, only to have that trust shattered. Many fraud victims recount how they had a sense they were being exploited but were unable to act on that instinct—perhaps due to an emotional barrier. Victims of fraud often withdraw, becoming a shadow of their former selves, as if a part of their soul has been stolen. They need to regain control and turn the tables on those who wronged them.
How Does Fraud Operate?
Fraudsters typically exploit opportunities where they can gain an advantage over someone. They strike when they perceive their victims to be most vulnerable, using pressure, manipulation, or deceit to achieve their goals.
What is Wire Fraud?
Wire fraud is a type of telecommunication crime carried out over the phone or internet. It involves deceiving victims into revealing personal financial information, which criminals then use to access their bank accounts. This form of fraud can be conducted via various electronic channels, including SMS, messaging services, phones, fax machines, emails, social media, and more.
Common Examples of Wire Fraud
One well-known example of wire fraud is the Nigerian prince scam. In this scam, you’re contacted by someone claiming to be a displaced Nigerian prince who needs to flee his country. He claims to have millions of dollars that he needs to transfer to a bank account, and somehow, he has chosen you to help him. In exchange for your assistance, he offers you 10% of his wealth. However, to proceed, he requires your financial information.
Other examples include phishing attacks, where hackers send fake emails that appear to be from your bank, urging you to log in to a fraudulent portal using your actual account credentials.
All these scams are designed to steal your bank information, which you unwittingly provide, allowing the fraudsters to empty your account.
How to Avoid Falling Victim to This Scam
Remember, there’s no such thing as a Nigerian prince in need of help. Banks will never ask for sensitive information unless you initiate contact with them. All transactions and information are secured through their portals and apps.
Never share financial information with strangers.
Types of Wire Fraud
- **Fake Buyers:** Criminals posing as buyers send counterfeit checks and ask you to wire the balance. They may also send a check, then request a refund, knowing that the check will eventually bounce.
- **Fake Lotteries:** You receive a notification that you’ve won a prize, but the organization requires your financial information or a “processing fee” or tax to deliver the winnings.
- **Advance-Fee Loans:** You’re offered a generous loan with favorable terms, but to process the paperwork, you must pay a small fee. In other cases, you’re “approved” for a loan, but the “loan officer” needs your bank information to deposit the funds.
- **“Relatives” in Need:** You get a call in the middle of the night from someone claiming to be a relative in urgent need of money. It’s a life-or-death situation, and they need you to send funds immediately.
