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What is Wire Fraud?

Wire fraud is an attempt by someone to commit fraud via electronic means or communications—such as a computer or telephone, for example. It has to be proved that the individual willfully and knowingly intended to devise a scheme to defraud.

Wire fraud is more common than ever today due to the ease and accessibility of technology.

Ever since the birth of the Internet, hundreds of crimes fall under the definition of wire fraud. Here are some of the common types of wire fraud, and how you can help protect yourself should they occur.

Wire Fraud in the Banking Industry – Is Your Money Safe?

Whilst security measures have surely increased over the years, today many banks still suffer from wire fraud, costing them hundreds of thousands of dollars annually. Banks are constantly wiring sums of money to and from accounts.

This type of fraud is normally perpetrated by insiders who falsify documents to wire money to overseas accounts. Other common ways this can happen is through the Internet, through a fraudulent activity like stolen credit card numbers, stolen identities, and even hacked electronic banking accounts.

Wire Fraud on the Internet

The Internet is a haven for con artists. A very good example of wire fraud is known as the “419 scam”. There are several other forms of wire fraud that may actually occur on the Internet. The following are a few common forms:

1. Email Phishing: This is the practice of sending out fake emails that look legitimate in order to steal sensitive information such as credit card numbers, passwords, or personal data.

2. Identity Theft: In most cases, offenders set up websites in order to trick users in sharing or revealing their personal information and banking or credit card information such as an insurance or loan application.

Other methods might include illegally accessing personal hard drives to steal personal data or hacking databases containing business information.

3. Fraudulent Business Sales: This scam is very common and targets investors and webmasters. When valuing an Internet business, traffic, revenue, and even the future potential value of the website are always used to get an estimation of the value.

By faking traffic proof and revenue, a con artist can inflate alleged value of the website, sometimes conning victims thousands of dollars.

If you or anyone you know has been charged with wire fraud, don’t try to fight the battle all alone. The government is fully equipped with prosecutors and investigators just to make sure you serve a jail term.

At The Law Office of Paul J. Donnelly, P.A., located in Miami, Florida, we are ready to fight this battle for you to the end. With vast experience in successfully defending those that are charged with wire fraud or even mail fraud, you are sure of a more personalized defense service that you rightfully deserve.

Call us today at 305-757-3331 for a free consultation.

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    1 N.E. 2nd Avenue
    Suite 200
    Miami, Florida 33132
    Phone: 305-757-3331