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What is wire fraud?

On Behalf of | Nov 20, 2020 | Firm News, White Collar Crimes |

Advances in technology offer businesses many ways to increase their buying and selling power; however, with wireless communication also comes different types of criminal transactions, such as wire fraud. The United States Department of Justice notes that wire fraud is similar to mail fraud, only the crime takes place over electronic means, such as the telephone or internet.

If you own a business and want to avoid such a charge, understanding what constitutes this crime may assist you.

Intent to defraud

One of the main facets of wire fraud is the foreknowledge and intent to defraud another individual or business. There are different types of behavior, which may include:

  • Misrepresentation of identity
  • Theft of passwords or account information
  • Theft of money via wire transfers

If you and other individuals are all involved in the same fraudulent activity, you may face a variety of punishments depending on how you used the telephone or internet to further the crime. including whether you were aware of the actions taking place.

Use of interstate communications

Wire fraud may include a variety of actions, but using the country’s interstate wire service for any fraudulent purpose may result in your arrest and conviction of the crime. This includes representing yourself as an accountant or chief of operations for your company when you do not hold those titles but use one to convince another individual to wire money or reveal financial information to you.

There are many legal statutes that support the definition of wire fraud. In most cases, the intent of the action is what most courts consider when deciding on the punishment if they decide to convict the offender.


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