How does bank wire fraud work?

Bank wire fraud typically involves scammers tricking victims into transferring money to fraudulent accounts under false pretenses. This can be done through phishing emails, fake invoices, or impersonating trusted entities. Once the victim authorizes the wire transfer, the funds are quickly moved to accounts that are often difficult to trace, making recovery challenging. Criminals may use various tactics to create a sense of urgency, prompting victims to act without verifying the legitimacy of the request.