Why this matters for codes
A correct BIC and IBAN make a payment arrive quickly. They do not make it safe. The FTC says that once a wire is sent you usually cannot get the money back, that wires do not carry the dispute protections of credit card payments, and that you should never wire money to someone you have not met in person (FTC).
Red flags on the FTC page
- A caller claiming to be a government agency or a well-known company asks for a wire. The FTC says government agencies never ask for payment this way.
- Pressure to pay immediately.
- A claim that a wire is the only accepted way to pay.
- A telemarketer asking for a wire, which the page says is illegal.
Common scams listed
| Scam | The pattern |
|---|---|
| Rental or vacation listing | Unusually low rent and a fee requested by wire |
| Fake check | You deposit a check and wire part back; the check is fake and the bank later asks for repayment |
| Family emergency | A frantic call from someone posing as a relative, sometimes with a cloned voice |
| Prize | A fee for taxes or shipping to receive a prize |
| Romance | An online relationship, then an emergency that needs money |
| Utility | A threat to cut off service unless you wire money at once |
If you sent money
The FTC says to contact the wire service or your bank immediately, say the transfer was fraudulent and request a reversal, and report it at ReportFraud.ftc.gov. The page promises no reversals (FTC).
Our general advice (not from the FTC)
For business payments, confirm any change of bank details by calling a number you already had. Use the IBAN checker to catch typing mistakes, and remember it cannot catch fraud.
What to watch
This is a US consumer page. Rules and reporting channels differ in other countries.