5 Details You Absolutely Have to Verify Before Wiring Someone Money

With the rise of technology and online banking services, wiring money has become easier and more accessible than ever. However, as much as we rely on this convenient service, we must also know how to protect ourselves from fraud and scams. If you are planning to wire money to someone, it is essential to check the following steps off your list to protect yourself from being scammed.

1. Know the recipient's information

Before sending money, it's important to verify the recipient's information to make sure you are sending it to the right person and the right checking account. Here are details you should double-check before wiring any money:

• The recipient's name and address
• The recipient's bank name and address
• The recipient's bank account number
• The recipient's bank routing number
• Amount of money being sent

If you are sending money internationally, you may also have to add additional banking information such as the bank's SWIFT/BIC code, and the International Payments System Routing Code.

If possible, try to get confirmation in writing. Scammers often use fake identities or fake bank accounts to receive money, so it's crucial to verify the information before wiring any money. In addition, verify any wire transfer fees you have to pay. With the rise of internet fraud and scams, it's important to be vigilant when wiring money.

2. Know who not to wire money to

Per the FTC, scammers want you to wire money because they know you can't get your money back and it is nearly impossible to identify or track down who picked up the money. They recommend that you do not wire money to the following people:

• Anyone you haven't met in person
• Anyone who says they work at a government agency like the IRS, SSA, or a well-known company
• Anyone who pressures you into paying immediately
• Anyone who says a wire transfer is the only way you can pay
• Anyone who tries to sell you something over the phone.

When you wire money, you do not have the same protections that come with credit cards. It is illegal for a telemarketer to ask you to pay with a wire transfer, like those with MoneyGram and Western Union. If you are asked to do so, report them immediately.

3. Be wary of urgent or unexpected requests

Scammers often use urgent or unexpected scenarios to get people to wire money quickly. Beware of callers who claim to be a friend or relative in trouble, or emails from someone claiming to be a supplier or business partner who needs payment urgently. These requests are often scams. If you receive an urgent request to wire money, take the time to verify the information before sending any money.

4. Protect your information

Another way scammers obtain money is through identity theft. Protect your personal and financial information by keeping it confidential and secure. Don't share your financial information with anyone you don't know and trust. Use strong passwords and two-factor authentication to protect your online accounts. If you suspect someone has stolen your identity, report it to the relevant authorities immediately.

5. Know about the latest scams

Finally, stay informed about the latest scams and fraud schemes. The internet is full of helpful resources that can help you recognize and avoid scams. Visit websites like the Federal Trade Commission or the Better Business Bureau to learn about the latest scams and tips for how to avoid them. Staying informed is key to protecting yourself from scammers.

Wiring money is a convenient and reliable way to transfer money from one account to another, but it's important to be aware of the risks of scams and fraud. By following these practical tips, you can protect yourself from scams and safely wire money without worry. Always double-check the recipient's information, do your research on the recipient, and avoid responding to urgent or unexpected requests without verifying the situation. Protect your personal and financial information, stay informed about scams, and remember: If something sounds too good to be true, it probably is. Stay safe!