CAN A WIRE TRANSFER BE FAKE?

Frauds can be of all kinds. Wiring money has become an easier way to transfer money. But our consumers in the U.S tend to lose millions of dollars each year to these fraudulent activities. Whereas Western Union, MoneyGram, and other money transfer companies allow you to send money quickly. Their services are usually used to send money to friends and family as a quicker mean of transferring money. 

Scammers request money transfer through an app or wire transfer because these are usually irreversible.  Your scammer if scamming for a product would ask you to send money through the wire, but you’d never receive a product. And usually, you would not be able to get your hands back on your money. One should always be extremely careful about these scams. 

You should verify a wire always. By calling whoever you are sending it to, and verbally verify if this is actually being sent to the same person or not. After the confirmation one should share information. And send the required wire. Verification is very important.  There are many instances where a wire is fake. Scams and scammers are such common things now it’s seen happening and heard about it a lot. Since it has a low rate of fund reversal people tend to build up companies and organizational websites or other social media pages to trap people. 

HOW MUCH DOES A WIRE COST?

This has become a widely asked question, since wire has become the new in method of transferring money these days. As it’s easier yet convenient just by sitting at home through your smartphone you get done with it ASAP. Quick methods are generally loved by our growing societies using social media on their smart phones. Sending money is a click away! But, this comes In with a little price. 

Wire transfer does charge you a little. It can be a bit expensive, not everything fancy comes for free. Domestic wire transfer on an average cost around $20-$30. International transfers like in all parts of the world have their own charges so it varies from $40-$50. Varying from parts of the world where the transfer has been done, however much the country has put up charges for international funds. 

CAN YOU TRACK YOUR WIRE TRANSFERS?

YES! You can track your wire transfers. Tracking your wires has become easier. Wire transfers are completed successfully usually, but there are certain occasions where you could face unexpected issues. But, they’ve given this opportunity to track your funds. You can even find out the current location of your funds.

SENDERS:

When  you make a wire transfer, there’s a Federal Reference Number(FRN) given for the confirmation of your transaction. You can check with your bank by using this number they will trace out all the details required. 

They would be able see the transactional details between the bank, the bank in which it has been transferred to. As well as find out the current location of the funds. For instance if you realize that the funds are transferred to the wrong account. You can call up the bank and get it rechecked.in this case the funds are resent to your account. But, this practice shall be done prior to the transfer at the first place.

RECIPIENTS:

If you think that the wire is taking a lot more time than expected, you can easily contact the sender to get  the following information;

• Federal Reference Number

• SWIFT number of the sender

• The date when you should’ve received it

• Amount 

Your bank can use the mentioned information and gather up knowledge about the funds. You can also initiate a wire trace to locate the funds if necessary.

These essential steps can very helpful. If these arrangements are made prior there won’t be any scams taking place in the world.if we become extra vigilant there won’t be any need of preofessional help getting involved. Even then if you need assistance of any sort one can always get there hands on Fundstrace. They’re known for what they do. They provide you with the best! Best of all lawyers and assist you from beginning till the end, to ensure that there won’t be any loop holes at which you’d get stuck and won’t be able to step forward. 

Wire transfers can be both real and faked easily too. It’s all on how you take up things. How one moves forward with scams, if you’re smarter than you think you would never fall into this ditch of scams. Once fallen and not guided well the scars won’t be removed easily either. Stay safe and smarter for yourself and others around you!