As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer segments. With the rise in Authorized Push Payments (APP) scams, and the migration of risk to the receiving side of a transaction, the threat of wire fraud scenarios to financial institutions is considerable — and seeing the complete picture of customer transactions and risk is more important than ever.
Analyzing our consortium-based data set in the Verafin Cloud, representing $4T in collective assets from 2200 financial institutions, this report describes attempted wire fraud trends and statistics observed from Q2 2020 to Q1 2022. Learn about more concerning trends in elder fraud and emerging developments in business wire fraud, benchmark your wire fraud approach against peer institutions, and more.