Emerging Trends
The value of wire fraud attempts reach a record high as fraudsters focus on consumer customers, and direct attempts to Hong Kong, Mexico, and China.
Record Value Reached
Across all segments, the median value of a wire fraud attempt in Q3 2022 was $17.4K — the highest reported to date, and up 75% from the previous year.
Consumer Customers Increasingly Targeted
As a potential liability shift for consumer-related payments fraud gains momentum, wire fraud attempts against persons increased by 5.29 basis points, or 139%, from Q3 2021 to Q3 2022.
Three Top International Destinations
By occurrence, the majority of wire fraud attempts were destined for three locations: Hong Kong, Mexico, and China.
Cloud Insights Resource Center
Power of the Verafin Cloud
over
1.1 Billion
transactions analyzed each week
31 Million
unique payee accounts with
530,000
new accounts added each month
$4.5 Trillion
in collective assets
over
185 Million
wires with
4 Million
added each month
Effective Prevention with Verafin
Detects 90% of wire fraud by value.
75% reduction in false positives.
Stay Connected on the Latest Fraud Trends
Subscribe now and be the first to get an unparalleled perspective on wire fraud trends across the industry with Verafin’s Quarterly Cloud Insights Benchmarking Reports.
Stay Connected on the Latest Fraud Trends
Cloud Insights
Subscribe now and be the first to get an unparalleled perspective on wire fraud trends across the industry with Verafin’s Quarterly Cloud Insights Benchmarking Reports.