Cloud Insights

Cloud Insights Benchmarking Reports provide unparalleled perspective into financial crime with trends gathered from the Verafin Cloud, the industry’s leading cloud environment comprising $4T in collective assets from 2100 financial institutions.
Near
0
% increase in wire fraud attempts against seniors.
Q2 2022 - WIRE FRAUD BENCHMARKING REPORT

Emerging

Trends

Wire fraudsters are focusing on seniors and the construction industry, with a massive rise in transfer attempts to Singapore.
Cloud Insights Graph depicting the Attempted Wire Fraud Value by Segment

Seniors at Risk

Q3 to Q4 2021 saw attempted wire fraud value against elderly persons increase by nearly 60%.
Cloud Insights Graph depicting the Percent of Attempted Wire Fraud Value NAICS Code

Construction Industry Targeted

The construction industry experienced a 200% increase in attempted wire fraud by value between Q3 and Q4 2021.
Cloud Insights Graph depicting the Percent of Attempted International Wire Fraud Value Destination

Attempts Surge to Singapore

International wire fraud attempts to Singapore increased over 100% by count and nearly 300% by value from Q3 to Q4 2021.

Power of the

Verafin Cloud

over

1 Billion

transactions analyzed each week

40 Million

unique payee accounts with

950,000

new accounts added each month

$4 Trillion

in collective assets

over

140 Million

wires with

4 Million

added each month

Effective Prevention

with Verafin

verafin-wire-fraud-stats-2
Detects 90% of wire fraud by value.
verafin-wire-fraud-stats-1
Alerts on 2% of wires.
verafin-wire-fraud-stats-3
75% reduction in false positives.

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