Wire fraud is one of the most common and costly forms of financial fraud today. It affects individuals, families, and small businesses across the country, including here in our local communities. While the methods used by criminals continue to evolve, the underlying goal is always the same: to persuade someone to send money quickly before there is time to verify the request. At Patterson State Bank, we regularly speak with customers who have questions about wire transfers and how fraud occurs. Understanding how wire fraud works—and knowing when to slow down and ask questions—can help reduce the risk of financial loss.

What Is Wire Fraud?

Wire fraud occurs when electronic communication, such as email, phone calls, or text messages, is used to request money under false or misleading circumstances. These communications often appear legitimate and may reference real people, businesses, or transactions.

Wire transfers are especially attractive to criminals because they move funds quickly and, once completed, can be difficult or impossible to reverse. For that reason, fraudulent requests often emphasize urgency or confidentiality to discourage verification.

Common Wire Fraud Situations

Wire fraud can appear in many forms, but several scenarios are seen most often:

Email payment requests: Messages that appear to come from a business partner, vendor, or company executive requesting an urgent wire transfer or updated payment instructions. These messages may closely match previous email conversations.

Real estate transactions: Homebuyers and sellers are frequently targeted during closings. Fraudulent wiring instructions may appear to come from a title company, attorney, or real estate professional and often arrive just days—or even hours—before funds are scheduled to be sent.

Imposter scams: Criminals may pose as bank representatives, government agencies, or family members, claiming that immediate payment is required to resolve a problem or emergency.

Online relationship scams: In some cases, trust is built over time through online communication before requests are made for financial assistance, investments, or unexpected expenses.

Why These Requests Can Be Convincing

Fraudulent messages are often carefully timed and written to appear credible. They may include correct names, logos, signatures, or transaction details. Some criminals monitor email conversations and step in when large payments are expected.

Urgency is a common tactic. Requests may include phrases such as “this must be handled today” or “please do not delay.” When people feel pressured, they are less likely to pause and verify information.

Steps You Can Take to Reduce Risk

Taking a cautious, consistent approach to wire transfers can significantly reduce risk:

• Do not rely solely on email or text messages for wire instructions
• Verify requests by calling a known, trusted phone number
• Be cautious when asked to change wiring or payment details
• Question requests that require secrecy or immediate action
• Take extra care when sending funds related to real estate transactions

Slowing down—even briefly—can help prevent a costly mistake.

How Patterson State Bank Can Help

Patterson State Bank works with customers to help identify potential red flags before wire transfers are sent. Our team can assist with verification questions and provide guidance when a request seems unusual or unexpected.

If you believe you may have received a fraudulent wire request or have already sent funds in error, contact us immediately. Acting quickly may improve the chance of recovery.

A Shared Responsibility

Fraud prevention works best when customers and banks work together. While banks have safeguards in place, no system can replace careful review and direct confirmation by the customer initiating the transaction.

Open communication and awareness are key components of protecting financial information and funds.

What to Keep in Mind

Wire fraud continues to evolve, but awareness remains one of the most effective safeguards. By verifying requests and involving your bank when questions arise, you can help protect your finances and avoid unnecessary risk. If you have concerns about a wire transfer, reach out to Patterson State Bank before sending funds. We’re here to help.