Criminals are prolific and persistent in their attempts to defraud their victims. At Verafin, we know the first step in protecting financial institutions from these pervasive threats is understanding how, to whom, and where fraud is occurring as criminals evolve their wire scams.
Analyzing our consortium data set in the Verafin Cloud, representing 2400 financial institutions and 300 million account profiles, this report describes attempted wire fraud trends and statistics observed from Q4 2020 to Q4 2022. Learn about concerning trends affecting seniors and businesses, discover an insightful case study involving an online crypto romance scam and unsuspecting mule activity, and benchmark your institution against peers, and more.
