Protecting yourself from wire transfer scams

Experts are warning about the prevalence of wire transfer scams, especially during the holiday season. Wire transfer fraud causes billions of dollars in losses to consumers every year.
Two KTLA viewers reached out after experiencing a combined loss of over $120,000 due to wire fraud scams.
“It’s just very frustrating and very scary,” said one victim. “I feel violated. All my personal information is out and all my savings are gone.”
KTLA's David Lazarus reports on Dec. 15, 2022.
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[@zjones9876]

Not reimbursing your customer who compromised their own account is not a "loophole". Never give you password to anybody period.

[@mattrobar895]

Sorry to be negative but this did not answer the question of how to prevent wire fraud. The reporter is simply touting his anointed ability to get people relief because he has a public platform. Thousands of others are without recourse because our legislatures are in the banks' pockets.

[@mteevie1609]

This is why I don't pick up phone calls from someone I don't know.

[@89Red]

How bout cancel chase account.

[@t2dev]

They got into your neighborhood but you handed them the key to your house

[@chknchkn6385]

Yep, how is the bank to know for sure that she didn't orchestrate the fraud herself and is actually one of the crooks herself.

[@bizarrereservoir638]

Lazy bank boys in fancy clothes will never call you about fraud! What do you think the bank does? 😂

[@chknchkn6385]

The bank should be using transaction alert technology to trigger additional confirmation on suspicious transactions so that the bank requires additional info on why the transaction is being made, to whom, and for what purpose, especially for large transactions, repeated transactions, and if the nature of the transaction is out of character for the accountholder. I think it's better to be inconvenienced a little and it be more difficult to move money than to risk such losses.

[@danram247]

To be honest the bank was kinda right for not returning her money at first... because she made the transaction... because how will the bank really know if she's not doing the fraud herself? Once she went on the news and talked about it then that's when the bank made the decision to give her the money... because now they have a reason to believe her...

[@jawsbond69]

Scammers steal money then send into bank but should the bank inform FBI ......weird

[@brentpalmer2577]

now days to be safe you need too visit your bank when sending money from your accounts

[@guillermo68480]

"New fangled payment apps." Okay grandpa, put down the typewriter! 😅