How Common is Wire Fraud?

Unfortunately, wire fraud is a common crime the federal government takes seriously. It involves using electronic communications, such as phone calls or emails, to deceive individuals and persuade them to send money or provide sensitive information. This type of fraud can cause financial losses and other harm.

If the federal authorities arrest you on suspicion of wire fraud, seeking legal assistance to protect your rights and future is essential. At the Law Offices of Peter Katz, our federal wire fraud lawyer in New York can build and present a strong defense tailored to your case.

Wire Fraud Statistics in Recent Years

Wire fraud has become increasingly common in recent years, with technological advancements making it easier for perpetrators to conduct these crimes. According to the FBI’s Internet Crime Complaint Center (IC3), there were over 19,000 reports of wire fraud in 2020, resulting in over $1.8 billion in losses. These numbers represent a significant increase from previous years.

Elements of Wire Fraud

To understand wire fraud, it is essential to know the key elements of the crime. To prove wire fraud, the prosecution must establish the following:

• Intent to defraud: The perpetrator must have intended to deceive or defraud the victim to obtain money or property.
• Use of electronic communication: As the name suggests, wire fraud involves using electronic communication, such as phone calls, emails, or even text messages, to carry out the fraudulent scheme.
• Material misrepresentation: The perpetrator must have made a false statement or engaged in a deceptive act to trick the victim into sending money or providing sensitive information.
• Victim’s reliance on the misrepresentation: The victim must have relied on the false statement or deceptive act to their detriment, resulting in monetary loss.

Common Examples of Wire Fraud

Wire fraud can take various forms and target individuals, businesses, or government entities. Common examples of wire fraud include:

• Phishing scams: Perpetrators send emails or texts disguised as legitimate organizations, tricking individuals into providing their personal and financial information.
• Business email compromise: Cybercriminals gain unauthorized access to business email accounts and use them to send fraudulent emails, often impersonating executives or vendors, to deceive employees into making wire transfers to fraudulent accounts.
• Romance schemes: Scammers create fake online profiles and establish relationships with individuals, later exploiting their emotions and convincing them to send money.
• Investment fraud: Perpetrators lure victims into bogus investment opportunities, promising high returns, and use wire transfers to collect the victims’ funds.

Defending Against Wire Fraud Charges

If you have been accused of wire fraud, a skilled wire fraud defense lawyer can help you work toward securing the best possible outcome. Common defenses against wire fraud charges include lack of intent, lack of knowledge, and lack of reliance by the victim.

At the Law Offices of Peter Katz, we understand the nuances of wire fraud cases and will work diligently to develop a strategic defense tailored to your situation.

Contact Our New York Wire Fraud Defense Attorney Now

Take immediate action if you or someone you know is facing wire fraud charges. Contact the Law Offices of Peter Katz today to schedule a consultation with our experienced New York wire fraud defense attorney. Contact us now to protect your rights and pursue the best outcome possible.