Wire Transfer Fraud from Processing Delays and Red Flags

$10,000 per fraudulent transfer × dozens per incident = $250,000 to $1,000,000+ per fraud event; industry-wide exposure shown at $1.32 billion in prevented losses across 913,000 transactions in 2024 • $10,000-$1,000,000+ per incident (real estate transactions often high-value); regulatory fines for inadequate internal controls; reputational damage with developers • $10,000-$1,000,000+ per malware incident (high-value real estate transactions); regulatory fines for security control failures; forensic investigation costs; system remediation and downtime; developer relationship damage

Call-back verification to number on file (which may be compromised); Email confirmation without proper authentication; Manual records of instruction changes in Word documents or email threads • Email verification of funding requests; Phone callbacks using stored borrower numbers; Spreadsheet tracking of pending fundings; Manual account reconciliation • Email-based alert review; Manual case investigation delayed; Spreadsheet tracking of flagged transactions with days of latency