{"id":15073,"date":"2024-08-02T13:38:20","date_gmt":"2024-08-02T13:38:20","guid":{"rendered":"https:\/\/trustpair.com\/blog\/what-is-wire-transfer-fraud-and-how-can-it-be-prevented\/"},"modified":"2025-03-25T10:14:54","modified_gmt":"2025-03-25T10:14:54","slug":"what-is-wire-transfer-fraud-and-how-can-it-be-prevented","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/what-is-wire-transfer-fraud-and-how-can-it-be-prevented\/","title":{"rendered":"What is Wire Transfer Fraud and how can it be prevented?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Wire transfer fraud occurs when a person or institution is tricked into sending funds to a scammer. Fraudsters will use various methods to fool people into believing they are dealing with a legitimate person or entity and divert funds to a fraudulent account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All organisations are at serious risk of wire transfer fraud. The 2021 Association for Finance Professionals\u2019 <\/span><a href=\"https:\/\/www.jpmorgan.com\/content\/dam\/jpm\/commercial-banking\/documents\/fraud-protection\/2021-afp-payments-fraud-and-control-survey-report-highlights.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Payments Fraud and Control Survey Report<\/span><\/a><span style=\"font-weight: 400;\"> found that \u201c74% of organizations were targets of payment scams\u201d. This was down from more than 80% in the previous couple of years, however this is possibly due to fewer payments going through during the pandemic. They found that \u201cchecks and wire transfers continued to be the payment methods most impacted by fraud activity in 2020\u201d.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/trustpair.com\/gb\/blog\/wire-transfer-fraud-prevention-best-practices-and-recovery\/\">Wire transfer fraud is big business<\/a>. PwC&#8217;s <\/span><a href=\"https:\/\/www.pwc.com\/gx\/en\/forensics\/gecs-2020\/pdf\/global-economic-crime-and-fraud-survey-2020.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Global Economic Crime and Fraud Survey 2020<\/span><\/a><span style=\"font-weight: 400;\"> estimated that among their 5,000 respondents, USD 42 billion had been lost to fraud in the previous two years. With customer fraud and cybercrime listed as the top two largest types of fraud, companies need processes and systems in place.<\/span><\/p>\n<h2>How does wire transfer fraud occur?<\/h2>\n<p><span style=\"font-weight: 400;\">Scammers use various techniques to discover information and use it to make apparently legitimate requests for payments and divert funds to their own accounts. For example:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Spam emails &#8211; <\/b><span style=\"font-weight: 400;\">unsolicited messages ask for information or payments which can also contain malware designed to damage or defraud.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Spoofing emails\u00a0\u2013 <\/b><span style=\"font-weight: 400;\">fraudsters register fake email addresses that are extremely similar to a legitimate individual or organisation\u2019s email address. The address may be slightly misspelt, for example, and therefore difficult to spot.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Phishing\u00a0emails \u2013 <\/b><span style=\"font-weight: 400;\">emails that appear to be from a legitimate source but are from a fraudster. Again, the aim is to extract useful information. Requests for payment will be to the fraudster\u2019s account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Voice deep fake technology \u2013 <\/b><span style=\"font-weight: 400;\">this is a relatively new phenomenon but there have already been two reported instances of <\/span><a href=\"https:\/\/trustpair.com\/gb\/blog\/ceo-fraud-how-to-protect-your-organization-from-fraudsters\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">significant wire transfer frauds<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Account hacking \u2013 <\/b><span style=\"font-weight: 400;\">once a fraudster has hacked into a company\u2019s system, they are able to request invoice payments from suppliers in an employee\u2019s contacts. Payments will then be diverted to the scammer\u2019s account.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Executive email takeover \u2013 <\/b><span style=\"font-weight: 400;\">this is known as <\/span><a href=\"https:\/\/trustpair.com\/gb\/blog\/ceo-fraud-how-to-protect-your-organization-from-fraudsters\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CEO fraud<\/span><\/a><span style=\"font-weight: 400;\"> and works in the same way as hacking into other employees\u2019 accounts except that the payout is usually much higher. Emails are often designed to make employees feel trusted and useful for making supposed last-minute, large payments as a favour to a senior executive.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fake invoices \u2013 <\/b><span style=\"font-weight: 400;\">invoices will appear to come from legitimate suppliers, however the amounts requested will be diverted to a fraudster.\u00a0<\/span><\/li>\n<\/ul>\n<h2>Who is at risk of wire transfer fraud?<\/h2>\n<p><span style=\"font-weight: 400;\">Competent fraudsters will go to great lengths to obtain information to make their scams look authentic, making them very difficult to spot. In the case of deep-fake voice technology it can be impossible to tell the difference. It is vital, therefore, that education, processes, and software are all used in a coordinated manner to create the greatest friction for fraud. Employees should be trained in fraud prevention and detection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Those most likely to be targeted are:\u00a0<\/span><\/p>\n<ul>\n<li><b>Finance departments: <\/b><span style=\"font-weight: 400;\">as employees have authorization to make payments these are the most at risk.<\/span><\/li>\n<li aria-level=\"1\"><b>Human resources and accounts departments: <\/b><span style=\"font-weight: 400;\">employees can be targeted for personally identifiable information (PII) or tax information to use in further attacks, such as diverting payroll funds.<\/span><\/li>\n<li aria-level=\"1\"><b>Senior executives: <\/b><span style=\"font-weight: 400;\">CEO fraud, as mentioned above targets senior executives as they can ask for ad hoc, large payments that can appear legitimate.<\/span><\/li>\n<\/ul>\n<h2>How Trustpair software protects your business against wire transfer fraud<\/h2>\n<p><span style=\"font-weight: 400;\">Our systems provide automated processes that reduce third-party wire transfer fraud risk and add three extra steps to the procure-to-pay (P2P) process to make it more secure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our <\/span><a href=\"https:\/\/trustpair.com\/gb\/automated-account-validation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bank Supplier Check<\/span><\/a><span style=\"font-weight: 400;\"> software analyses, monitors, and verifies the bank details of third parties risk, thereby reducing the risk of third-party wire transfer fraud. Our <\/span><span style=\"font-weight: 400;\">Vendor Master File Management<\/span><span style=\"font-weight: 400;\"> solution systematically checks and continually verifies third-party bank details. This avoids the usual degradation that occurs over time and as they move through departments. And with continuous data monitoring any editing that has been done will be checked in real time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our all-in-one SaaS solution gives peace of mind and frees up employees to focus on less time-consuming tasks that are more valuable to the business. It reduces the risk of human error and exposure to corruption or bribery and provides a more tangible picture of anomalies and fraud risk.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you would like any further information about how Trustpair can help your company avoid the risk of wire transfer fraud, please get in touch. We would love the opportunity to <\/span><a href=\"https:\/\/trustpair.com\/gb\/demo-5\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">arrange a demo<\/span><\/a><span style=\"font-weight: 400;\"> with you to show you how we can help.<\/span><\/p>\n<p><!--HubSpot Call-to-Action Code --><span id=\"hs-cta-wrapper-f87ea066-7298-4ae0-bcd1-f309efec12d5\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-f87ea066-7298-4ae0-bcd1-f309efec12d5\" class=\"hs-cta-node hs-cta-f87ea066-7298-4ae0-bcd1-f309efec12d5\"><!-- [if lte IE 8]>\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/f87ea066-7298-4ae0-bcd1-f309efec12d5\"><img fetchpriority=\"high\" decoding=\"async\" id=\"hs-cta-img-f87ea066-7298-4ae0-bcd1-f309efec12d5\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/f87ea066-7298-4ae0-bcd1-f309efec12d5.png\" alt=\"TRUSTPAIR _ FRAUD PROTECTION SOLUTION\" width=\"900\" height=\"305\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, 'f87ea066-7298-4ae0-bcd1-f309efec12d5', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><!-- end HubSpot Call-to-Action Code --><\/p>\n<hr \/>\n<h3>Key Takeaways:<\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wire transfer fraud is a major risk to organisations and can be extremely costly<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prevention and early detection are key<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Trustpair software will give extra security and peace of mind<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Wire transfer fraud occurs when a person or institution is tricked into sending funds to a scammer. Fraudsters will use various methods to fool people into believing they are dealing with a legitimate person or entity and divert funds to a fraudulent account.\u00a0 All organisations are at serious risk of wire transfer fraud. The 2021 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-15073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fraud-protection-gb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is Wire Transfer Fraud and how can it be prevented? - Trustpair<\/title>\n<meta name=\"description\" content=\"Wire transfer fraud is a serious risk to companies. 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