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Daily Q&A: If I'm asked to wire money, what issues should I be aware of?

If I'm being asked to wire money, what kinds of issues should I be aware of?

Wire transfers are convenient tools to send money, but you do have to consider the reason you're using the service.

Scam artists pressure people to use wire transfers because once the money is sent, it's gone and you can't retrieve it. The Federal Trade Commission is warning consumers about one scam in which con artists have been calling seniors and posing as their grandchildren in need of extra cash.

Be sure you know the person to whom you are sending the money. If it is for a bill or payment, be sure the receiver is legitimate. If you are uncomfortable with the transaction, follow these tips from the FTC:

• Try to verify the caller's identity.

• Resist the pressure to act immediately.

• Report possible fraud at ftc.gov or by calling toll-free 1-877-382-4357.

For more information about the latest wire transfer scams, visit http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt111.pdf.

Question for the Consumer's Edge? Send it to ipenn@sptimes.com or twitter.com/consumers_edge. Questions are answered only in this daily feature.

Daily Q&A: If I'm asked to wire money, what issues should I be aware of? 11/12/09 [Last modified: Thursday, November 12, 2009 10:46am]
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