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$1.4 Billion in Suspected Wire Fraud Identified by CertifID in 2022, Report Finds

$1.4 Billion in Suspected Wire Fraud Identified by CertifID in 2022, Report Finds

CertifID, a leading wire fraud protection company, announced its State of Wire Fraud report which details CertifID’s view into $1.4 Billion worth of suspected fraud across more than 340k wire transactions. The report, which is based on proprietary data from CertifID’s wire fraud protection software and recovery services engagements, also found a 145% YoY increase in instances of reported wire fraud into the company.

According to the report, wire transactions are increasingly at risk with suspected fraud targeting 83% of CertifID’s customers at least once in 2022. The heightened risk corresponds with an overall shift towards digital payments, accelerated by the COVID-19 pandemic.

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CertifID, which safeguards wire transactions by verifying device, identity, and bank account information alongside 150 different markers of fraud, developed the State of Wire Fraud to report on the trends of business email compromise (BEC) and trajectory of wire fraud. Report highlights include:

  • $1.4B worth of wire transactions were identified for suspected fraud by CertifID in 2022.
  • 83% of CertifID customers had at least one case of suspected fraud in 2022.
  • An 145% YoY increase in reported wire fraud instances were reported to CertifID for recovery in 2022.
  • CertifID’s recovery cases average $158K per instance of reported wire fraud in 2022.
  • CertifID’s recovery of business-related wire fraud losses were 3x the value of consumer-related wire fraud losses.

“Given their instantaneous speed, high dollar value and recovery challenges, wire transfers are extremely attractive targets for fraud operators. In our experience with the real estate industry, protections against wire fraud have had to evolve,” says Tyler Adams, co-founder and CEO of CertifID. “To combat wire fraud, businesses and consumers that rely on wires for sending and receiving payments need to employ a multi-layered protection and response plan to minimize their risk.”

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“We have seen enough to know that wire fraud and mispayment is an unavoidable reality which is why serious steps must be taken to avoid payments risk,” said Thomas Cronkright, co-founder and Executive Chairman of CertifID and owner of Sun Title Agency. “The data in real estate, for example, bears this out with the American Land and Title Association (ALTA) moving to update its best practices to recommend the use of technology-based payments risk solutions.”

Founded to combat the rapid growth of wire fraud in the real estate industry, CertifID provides wire fraud protection tools and recovery services to businesses and consumers. Its wire fraud protection software features enhanced identity, device and account verification and authentication to safeguard transactions. CertifID’s wire fraud recovery service offers victims expertise and support to engage with law enforcement and financial institutions to freeze at-risk accounts.

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[To share your insights with us, please write to sghosh@martechseries.com]

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