Money transfers can be convenient when you want to send funds to someone you know, like a trusted friend or relative. But money transfers are extremely risky when you’re dealing with a stranger or an unfamiliar business. Money transfers happen to be the preferred payment method of scammers. Why? Simply because wiring money is fast, irreversible and virtually untraceable.

A victim may not be aware for days, sometimes even weeks that they have become victims of a scam. However, money sent by wire can be in the scammer’s hands in a matter of minutes. Typically, there’s no way to reverse a wire transfer once the money has been picked up and tracing where the money goes is nearly impossible. The receiver is not always required to show identification or even provide a verifiable mailing address. Scammers know they can pick up the money at virtually any location (from Cleveland, OH to Kolonia, Micronesia), so it’s just about impossible to pinpoint exactly where the scammers are operating in time to stop the transaction.

Read More: http://cincinnati.bbb.org/post/the-truth-about-wire-transfers-6009