What is Wire Transfer Fraud?

A wire transfer is a fast way to send money from one bank account to another, commonly used for international transactions, through systems like SWIFT. Unlike a regular bank transfer, which may take several days, wire transfers are usually completed within the same business day. Wire transfers don’t require direct links between bank accounts. Because wire transfers are quick and usually irreversible, they are often preferred by thieves, as the funds cannot be easily recovered after the transfer is finalized.