What is a wire recall scam?
Wire recall scams are perpetrated by crooks who use the popularity of wire transfers to swindle victims of money by way of telephone scams. When a victim sends money via wire transfer, the scammer would often ask that victim to wire part of the money back to him. He would even call the victim or send emails and texts impersonating them asking for the money back.
The scammer may even play along and pretend to be the victim and ask the victim for a date and time of the next wire transfer.
Another version of this scam involves victims receiving emails or text messages that are of someone claiming to be their bank and threatening to terminate their wire transfer services over some fraudulent activity on their account.
What are they trying to do?
They are trying to trick the customer into divulging personal information by making false promises or even claiming that the money they are requesting will help the customer’s cause. Sometimes they claim they are from the government, other times they claim to be from a well-known company or organization. Sometimes they ask for money to help with a medical emergency or with paying down a debt, and other times, the con artists claim that the victims have a low credit score and are at risk of being charged with legal fees if they do not comply. In all of these cases, there are usually clear warning signs that can be identified and avoided in order to protect yourself from such scams.
The first red flag would be when you get a phone call claiming to be from the IRS.
How does it work?
It all starts when people visit websites that appear legitimate in the hope of having a positive experience and securing their future.
Fraudsters carry out this transaction with a fake bank card or by wiring money. The people will typically withdraw the money at a local store and hand it over to the fraudsters.
In the usual cases, a person will never get their money back. The money is usually sent in exchange for a promise of getting more money in return. The people are usually not aware that the money sent by the fraudster is illegal and that they would be investing money in something that is not secured.
Wire fraud has become an ever-present threat to the victims.
The end game
These fraudsters do not care about what is going on around them or who is standing in their way, they do not care if they lose a person’s money or not, but just want a person to part with it in order to access the assets in the person’s bank account.
If someone offers you something, it is likely that it is something you want. In this case, the victim is tricked into taking an action that makes the scammer a big chunk of money. These individuals take the money that was “sent to them” by the scammer and then, in the process, completely lose track of the money, therefore they end up losing it to the scammer.
Roles and responsibilities
The players in these con games are determined in their roles by what they are facing.
Warning signs
Sometimes there are subtle warning signs that would indicate your smart phone is being used to attempt to steal money. The main red flags are:
The phone shows signs of unusual behavior; a lack of signal or battery life for long periods of time.
Very slow download speed, especially with web pages.
Spend or attempt to spend large amounts of money without providing payment instructions or authorization.
Text messaging and other signs of unusual activity or communication that only take place in private.
Request that your phone be given to another person without informing you.
Problems with the device that are unrelated to the fraudulent activity and that go unnoticed by you until you go to use the phone or take a picture.
Conclusion
It is important to know the tricks of the ruse. Just because someone says they have heard from a friend who told them that they have been scammed, it does not mean that the victim is in danger or they should be concerned. Although scams are highly advanced, it is possible to identify them and ensure the victim is safe. Fraud hotline Numbers for the IRS, State Police, Federal Court and others are also available at the above link.
The fraudsters and scam artists try to stay anonymous in order to avoid being tracked down. However, be vigilant and always ask for some form of identification and documentation. They also aim to keep a victim under a spell and to make them think that they are in danger if they are not contacted by the fraudster in a specific time frame.