Mail or Wire Fraud

Mail or Wire Fraud

Mail or wire fraud is one of the broadest categories of scams. Forex trading scams, bitcoin scams, and other types of illegal activities can fit the definition of mail or wire fraud. Basically, anyone who uses any form of communication to deceive people and cheat them out of their money can be convicted of mail or wire fraud, pay huge fines, and face jail time.

If the definition of mail and wire fraud is so broad and the penalties are so harsh, why are there still so many forex scams and sweepstakes frauds? The short answer is that like the pirates of old, today’s fraudsters love adventure and risk. Rather than murder and pillage on the high seas, they choose the internet and blockchain as places to rob innocent people. 

In addition, it has never been easier to hide behind alternate identities or to keep money transfers anonymous through gift cards or bitcoin. Finally, the main reason there is still so much wire fraud is that these criminals are confident that people will not bother reporting what happened. So many victims of mail and wire fraud are either embarrassed or are not hopeful that the scammers can be caught and funds retrieved that they give up hope. 

However, it is important to take action, report the scam and involve fund recovery professionals when you have lost money through the mail or wire fraud. Broker Complaint experts consult with clients and refer them to experts who can pursue their case in detail and work to investigate the broker or scam, and in many cases, succeed in fund recovery. Talk to us today, and we can provide guidance on how to deal with the claim. 

What Is Mail or Wire Fraud?

We might informally refer to phony investments and fake crypto deals as “scams” but all of these can fit under the heading of mail or wire fraud. When people are convicted of these crimes, they are said to be guilty of mail or wire fraud, which has specific legal definitions. 

According to the US Department of Justice Criminal Resource Manual, people are guilty of mail or wire fraud if they have voluntarily participated in a scheme to defraud people of money and knowingly made false claims through any form of communication at any point in the scheme. 

Even though the old-fashioned term “mail and wire fraud” is often used, it denotes not only snail mail or phone, but wireless communications, the internet, and any platform on the web as well. Some people think that if the deception occurred on the phone but the money was transferred through cash, for instance, they can get past the accusation of wire fraud. 

However, the designation of mail or wire fraud can occur at any point in the process, even if meeting the potential victim, pitching the deal and the transfer of funds occurred through several methods, including phone, the internet, snail-mail, and some of it in person. However, if all of it occurred entirely face to face, it is not considered a wire fraud but another form of fraud. 

The penalty for wire fraud varies according to severity. Individuals may be fined up to $250,000 and companies $500,000. The maximum jail sentence is 20 years and the statute of limitations is five years. 

Unfortunately, so few people end up being punished for mail or wire fraud not necessarily because it is difficult to catch the scammers but these scams are vastly underreported. People often lose hope early that they will get their money back or feel foolish for having been taken in by a scam. In cases where the criminal has threatened the victim, they may even be frightened.

Broker Complaint Registry refers people to experts who can provide solutions from drafting a broker complaint to fund recovery from a forex scam or another type of fraud. It is important not to be defeatist and to pursue your claim. Once a wire fraudster is caught, that means another fraudster has been put out of commission, at least for a while. 

How to Avoid Mail or Wire Fraud?

The key to avoiding any kind of scam, whether it is through the phone, the mail, or the internet, is to slow down and do not act impulsively. Always ask questions and investigate before giving anyone information or money. The following steps will keep you safe from most kinds of scams, including forex scams and bitcoin scams. 

 

  • Do not respond directly to emails and texts from unfamiliar sources
  • Check to make sure they are sent from the sources they claim to be
  • Do not click on links sent through text or email 
  • Fill out forms and make transactions only on secure websites
  • Always research deals carefully and discover who is behind them
  • Be suspicious of unusual payment methods such as cryptocurrencies or gift cards
  • Be careful with your personal information. 
  • Be suspicious of aggressive tactics and extravagant promises

 

Taking the time to verify the sources of all emails, texts, phone calls, and other communications and locate a person behind the company you are talking to is an important step to avoiding these frauds. Only make payments through secure websites and do not surrender your personal data when asked to do so in a phone call, email, or text message. 

 

Take the time to do research. What is the company behind this deal? Who runs it? What are their credentials? Do not give too much credence to customer reviews online, since many of these are fake. If a company or broker gets a five-star review on the rating platform, that doesn’t mean they are not a scam. 

  • Do not respond directly to emails and texts from unfamiliar sources
  • Check to make sure they are sent from the sources they claim to be
  • Do not click on links sent through text or email 
  • Fill out forms and make transactions only on secure websites
  • Always research deals carefully and discover who is behind them
  • Be suspicious of unusual payment methods such as cryptocurrencies or gift cards
  • Be careful with your personal information. 
  • Be suspicious of aggressive tactics and extravagant promises

Taking the time to verify the sources of all emails, texts, phone calls, and other communications and locate a person behind the company you are talking to is an important step to avoiding these frauds. Only make payments through secure websites and do not surrender your personal data when asked to do so in a phone call, email, or text message. 

Take the time to do research. What is the company behind this deal? Who runs it? What are their credentials? Do not give too much credence to customer reviews online, since many of these are fake. If a company or broker gets a five-star review on the rating platform, that doesn’t mean they are not a scam. 

Have you been robbed in a romance scam? Broker Complaint Registry Will Help

Contact Broker Complaint Registry experts if you have lost money in a mail or wire fraud.  We deal with a variety of issues, including data theft, forex trading scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.