Wire transfers are fast and hard to reverse once completed. That is why scammers love them.

FTC guidance is direct: no real agency will tell you to transfer money to “protect it.” If someone claims to be from the FTC, your bank, law enforcement, or the government and says to move money out quickly, that is a scam.

Wire scams often use:

• fake fraud-department calls
• fake bank text messages
• caller ID that looks official
• instructions not to tell anyone

FDIC guidance on bank impersonation scams adds a practical warning: scammers often imitate bank security messages and create urgency so you reveal information or move money before thinking clearly.

A quick example: a caller says, “There is a breach on your account. To keep your savings safe, send the funds by wire to a secure holding account.” The words may sound official. The instruction gives the scam away.

What to do:

• Hang up and call your bank using the number on the back of your card or from the official app.
• Never wire money because of an unexpected call or text.
• If a wire was sent, contact the wire company and your bank immediately.

This lesson is part of Spot the Scam from Lumoset Foundation, Fort Wayne, Indiana – free, always, with no account and no catch.