Wire fraud is enabled by business email compromise (BEC), a type of cyber crime that the FBI described as "one of the fastest growing and most damaging internet-enabled crimes" and "a threat to the global economy."1
CertifID analyzed data from more than 400 software customers and over 500 funds recovery cases to better understand the problem. The findings are stark, but offer some potential lessons for the future.
increase in cyber crime
from 2017 to 20212
1 FBI 2022 Congressional Report on BEC and Real Estate Wire Fraud
2 FBI Internet Crime Report 2021
Consumers (including home buyers and sellers) represent an easy target for scammers. As a result, consumers made up the majority of victims who engaged CertifID Fraud Recovery Services (FRS).
In 2022, CertifID software processed over 340k wire instruction verifications. The vast majority of these transactions went through smoothly and securely. However, a significant number of transactions were flagged as suspected fraud.
Scammers will continue to look for industries with vulnerabilities and large sums at stake. AI and other technologies are enabling them to achieve even greater scale and sophistication. Don’t get caught on the wrong side of the digital divide.
Schedule time to discuss how you can get protected against wire fraud.