FRAUD SCENARIO LIBRARY

Wire Fraud

Wire fraud involves the use of electronic communications (email, phone, messaging) to deceive victims into transferring funds to fraudulent accounts.

How Does Wire Fraud Work?

Fraudsters impersonate executives, vendors, or trusted contacts via phishing or business email compromise (BEC).

Fraudsters impersonate executives, vendors, or trusted contacts via phishing or business email compromise (BEC).

Fraudsters impersonate executives, vendors, or trusted contacts via phishing or business email compromise (BEC).

They manipulate victims into wiring funds to bank accounts they control.

Often includes spoofed domains, urgent requests, and tampered invoices.

Often includes spoofed domains, urgent requests, and tampered invoices.

Wire Fraud Detection

From BEC to Blocked Transfer

An accounts payable clerk receives an urgent email from a CFO requesting a wire transfer to a new vendor account. The domain looks nearly identical to the real company - but something doesn’t add up. Unit21 detects the scam before the money leaves.

1

Device Intelligence and Email Signal Reveal Spoofing

The sender domain lacks proper SPF/DKIM records, and our Device Intelligence flags the login session as coming from a high-risk IP. The email is marked suspicious due to past phishing activity tied to similar domains.

2

Unit21 Rules Catch Payment Behavior Anomaly

A Unit21 rule triggers when a first-time wire to a new beneficiary is requested outside normal hours and without a prior invoice. This unusual combo of risk signals escalates the event.

3

Pattern Detection Matches BEC Typology

Using historical behavior models, Unit21 maps the request to a known BEC pattern: sudden urgency, new account info, no voice confirmation, and email anomalies. This matches typologies seen in prior wire fraud cases.

4

Escalation and Wire Transfer Block

The customer’s risk score is elevated, and the wire is paused. Unit21 alerts internal fraud and finance teams to review before release - preventing the loss of $85,000.

5

AI Agent Prepares Regulatory Filing

The AI Agent pre-drafts a SAR citing impersonation, spoofed communication, and attempted unauthorized funds transfer. Documentation is saved, and compliance submits the filing within hours.

Prevention Tips For Wire Fraud

  • Verify wire requests through separate communication channels.
  • Use dual approval for new or high-value transfers.
  • Enable payee confirmation and velocity checks.
  • Train staff to spot phishing and BEC tactics.
  • Monitor for unusual payment behavior and new payees.
FREQUENTLY ASKED QUESTIONS

Wire Fraud

What is wire fraud and how does it typically occur?
Who is most at risk of wire fraud attacks?
Why is wire fraud so damaging?
What technical vulnerabilities enable wire fraud?
How do attackers avoid detection in these schemes?
What can organizations do to mitigate wire fraud risk?
How does wire fraud intersect with business email compromise (BEC)?

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