How is Wire Fraud Committed?
Wire fraud is defined as attempting to defraud using electronic means, such as a computer or telephone. What must be proved is that the person knowingly and willfully devised or intended to devise a scheme to defraud. Since the advent of the internet, there are literally thousands of crimes that fall under the definition of wire fraud. Here we’re going to take a look at some of the more common forms of wire fraud, why they occur, and how you can protect yourself. Wire Fraud In Banking While security measures have certainly increased over the years, banks still fall victim to wire fraud, costing them millions of dollars or more every year. Since banks are constantly wiring extremely large sums of money back and forth between accounts, it may take them awhile to notice when a large sum of money goes missing. This type of fraud is usually perpetrated by insiders who forge documents a wire money to foreign accounts. Other common ways this can occur is via the internet, through fraudulent a
