Overview

Wire transfers are one of the fastest ways to move money — which is exactly why criminals target them. Unlike a check, a wire transfer is difficult or impossible to reverse once it’s sent. Scammers know this, and they’ve developed sophisticated ways to trick people into sending money directly to them.

This page covers two closely related scams: wire fraud and Business Email Compromise (BEC). While BEC scams most often target businesses, anyone who sends wire transfers — including individuals paying for real estate, taxes, or large purchases — can be a victim.

What Is Wire Fraud?

Wire fraud happens when a criminal deceives you into sending a wire transfer to an account they control. They may impersonate your bank, a government agency, a vendor, or even someone you know. The request almost always comes with a sense of urgency — they want you to act quickly before you have time to think or verify.

Once the money is gone, it typically cannot be recovered.

What Is Business Email Compromise?

Business Email Compromise — often called BEC — is a more targeted version of wire fraud. Here’s how it typically works:

• A criminal gains access to, or creates a convincing fake version of, a legitimate business email account
• They monitor email conversations to learn about real pending transactions — such as a vendor payment or a real estate closing
• At the right moment, they send an email that appears to come from a trusted contact — a vendor, an executive, an attorney, or a title company — asking you to wire funds to a “new” bank account
• The email looks completely legitimate. The name, the email style, even the ongoing conversation thread may all appear normal.

By the time the real vendor or executive follows up about the missing payment, the money has already been moved — often overseas.

Common Scenarios to Watch For

“We’ve changed our banking information”

You receive an email from a vendor or business contact saying they’ve updated their bank account and asking you to use new wire instructions for an upcoming payment. This is one of the most common BEC setups. Always verify account changes by calling the vendor directly — using a phone number you already have on file, not one provided in the email.

Real estate and title company fraud

Homebuyers are frequent targets. Shortly before closing, a buyer receives an email appearing to be from their title company or real estate attorney with updated wire instructions for the down payment. The money goes to the criminal instead. If you are ever wiring money for a real estate transaction, call the title company directly to confirm instructions before sending anything.

Executive impersonation

An employee receives an urgent email that appears to come from their CEO or CFO asking them to wire funds immediately for a confidential business matter. The request often comes on a Friday afternoon and emphasizes secrecy. Legitimate executives do not ask employees to bypass normal approval processes.

Government and bank impersonation

You receive a call or email from someone claiming to be from the IRS, Social Security Administration, or your bank, warning that your account is at risk and asking you to wire funds to a “safe” account for protection. No government agency or legitimate bank will ever ask you to do this.

How to Protect Yourself

• Never wire money based solely on an email request, no matter how legitimate it looks. Always verify by calling the requestor directly using a number you already know and trust.
• Be especially suspicious any time wire instructions change. Legitimate businesses rarely change their banking information without a formal, verifiable process.
• Slow down when someone creates urgency. Pressure to act immediately is a hallmark of fraud. A real business partner will understand a brief delay for verification.
• Confirm real estate wire instructions by phone every single time, even if you’ve already been in contact with the title company. Call them using the number from their official website.
• When in doubt, walk into a branch. Our staff can help you evaluate any wire request before you send it.

A Note for Business Owners

If you own or manage a business, consider establishing a formal approval process for any outgoing wire transfer — even a simple rule that a second person must verbally confirm before any wire is sent. This one policy stops the vast majority of BEC attempts cold.

What to Do If You’ve Already Sent a Wire

Time is critical. If you believe you’ve been tricked into sending a fraudulent wire transfer:

• Call Bank of Marin immediately at (866) 626-6004 — the sooner we know, the better the chance of stopping or recovering the funds
• File a complaint with the FBI’s Internet Crime Complaint Center at ic3.gov
• Contact the FTC at reportfraud.ftc.gov

Need Help?

If you receive a wire request and something doesn’t feel right, please call us at (866) 626-6004 before sending anything. We would much rather help you verify a legitimate transaction than help you try to recover funds after a fraud.

Remember: When in doubt, do not give out information or send money — contact your bank first!