With electronic payments becoming the norm, wire fraud is growing more common and varied in format. Wire fraud generally involves the use of electronic communication to defraud another person by phone, fax, telegram or, most commonly now, the internet. Notable scams to watch out for include romance scams on dating apps and social media; advance-fee scam emails promising rewards for financial help; phishing emails claiming account information has been compromised, with a link to input credentials; and hiring scams, where prospective “employers” request personal information like birth dates and Social Security numbers or a “processing fee.” Community banks must remain vigilant, as prosecutors or regulators may act against financial institutions that fail to recognize or prevent cases of wire fraud. FRAUD WATCH HOW TO PREVENT WIRE FRAUD BY SCOTT ANCHIN, SENIOR VICE PRESIDENT OF STRATEGIC INITIATIVES AND POLICY, ICBA 18 Community Banker
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