Residents of Iowa who have been charged with financial crimes may want to know more about what counts as wire fraud. This type of fraud involves use of the internet or telecommunications.
Understanding wire fraud
Areas where individuals can commit wire fraud include several methods of communication. These include:
- Phone calls
- Social media messages
- Texts
- Faxes
- Emails
In many cases, wire fraud involves communication between state and national borders. This type of financial crime is punishable by prison time or fines.
Phone calls used to be the method
For decades, individuals committing wire fraud used the phone to entrap people into losing their money. Today, it is more often done by posting photos online, telling a false tale of loss and loneliness or promising everlasting love or abundant riches if people share their bank account information.
One common wire fraud
Have you ever heard of the Nigerian Prince scam? The scammer claims to be a Nigerian prince who is not able to access money in his bank account because of exile. He claims that he needs the target to hold money for him and will reward that target handsomely. The whole purpose of the scam is to gain access to the target’s financial information where the scammer will then be able to take the target’s money. Once a person wires cash, especially if it is overseas, it’s almost impossible to trace the money or reverse the transaction.
If you have have charges relating to theft or a financial crime, it is wise to consult an attorney with experience in criminal defense law. An attorney may offer legal representation to help you get the charges reduced or dismissed.
