Shedding AI Light On Bank Wire Transfer Fraud
Security Boulevard, Thursday, October 31st, 2024
According to the Association of Certified Fraud Examiners (ACFE), the average organization loses about 5% of its revenue to fraud each year.
Today's fraud comes in many forms, and one that has begun to occur with greater regularity is wire transfer fraud. Just ask the Texas-based company Orion. Last August, the company reported losing $60 million due to a transfer fraud scheme. And Orion is not alone. The Consumer Financial Protection Bureau reports that the number of wire transfer fraud claims it has received has jumped from 88 in 2020 to 355 in 2023.