Payment fraud is an increasingly complex threat to financial institutions and consumer customers alike. As potential liability shifts loom with possible implications for wire payments, financial institutions must consider how wire fraud trends are evolving in the industry, and why solutions leveraging Consortium Analytics are essential to prevent loss.
Analyzing our consortium data set in the Verafin Cloud, representing 2300 financial institutions and 420 million counterparties, this report describes attempted wire fraud trends and statistics observed from Q4 2020 to Q3 2022. Learn about concerning trends affecting seniors and businesses, discover an insightful case study involving attempted Business Email Compromise (BEC) and wire fraud against a business, benchmark your institution against peers, and more.