What have victims done?
Contact their banks
Though sometimes frustrating because of a lack of action on the part of the bank, it is important to first alert your bank to fraud. They are able to talk you through the process of making sure that any vulnerable accounts might be protected in the future.
Additionally, some wire fraud victims have been able to recover funds that have been sent via ACH, or Automated Clearing House. The Consumer Financial Protection Bureau defines ACH as “an electronic fund transfer made between banks and credit unions,” which is unique “because of the way in which an ACH is processed.” It has protections: because of “precautions against fraud and money laundering, transactions can sometimes take several days to complete” (CFPB). Victims have described that their ACH funds were recoverable by their banks, as the bank was supposed to use precautions.
Report to local authorities
Using the criminal justice system has been a frustrating experience for many people who have experienced wire fraud. Reporting to local police has not yielded money back for the people to whom we have talked about this issue. But it can be good to alert authorities for future cases that may arise.
Victims have chosen to contact local police, county sheriffs’ offices, the Federal Bureau of Investigations, Securities and Exchange Commission, and Federal Trade Commission. Multiple victims have had success communicating with the FBI to file additional reports regarding their cases. Because many fraudulent wire transfers end up overseas, though, it can be hard for authorities to trace them.
Change their personal information
Once someone is a victim of fraud, they can sometimes become a target for other criminals. In interviews with people who have experienced wire fraud, they have described that they have changed their emails, taken steps with their bank to ensure their security, and occasionally changed their use of messaging platforms or phone numbers in the aftermath.
Vigilance is important in these circumstances. Using the “first signs of fraud” factors, victims should be especially cautious of future use of wire transfers to people with whom they are not well-acquainted. Banks have given victims advice on this front, even when it is initially hard to discern what is right for each individual case.In the case of elder fraud, the children of victims have also regularly served as resources to aid their parents.
Check homeowner’s insurance for protection
For one person that provided interview information for this website, their homeowner’s insurance had a clause for protection against fraud. Different insurance covers different amounts, but some have up to $25,000 of protections. These often come in the form of credit card fraud, but can include e-transfers. Each policy is different, so victims have contacted their insurance providers to understand the details of their plan.
There are also insurance policies that protect specifically against identity theft. In many major insurance providers, this protection either comes standard or for as additional benefit. After experiencing fraud, you can look into these policies if you are concerned about future identity theft.