A wire transfer is an electronic payment sent between banks or financial institutions. It can move funds quickly, including across borders, but a completed transfer may be difficult to reverse. Banks may be able to request a return, but recovery is not guaranteed, so payment details and authorization should be checked before funds are sent.
In cyber fraud, attackers may impersonate executives, lawyers, or vendors and pressure finance staff to make urgent wire payments. These scams can succeed without compromising a computer network: the target is the payment decision. Defenses include verifying requests through a separately known phone number, requiring dual approval for unusual transfers, and confirming beneficiary changes using established procedures.