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Annual U.S. wire transfer fraud losses

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Question: 
What are the annual U.S. losses to wire transfer fraud?
Answer: 

No one knows. There isn’t a single, reliable repository of all wire transfer fraud losses. Some losses are never reported for fear of reputation risk; some are written off to insurance; some are simply absorbed. Others end up in court battles between businesses and banks, or banks and insurance companies for YEARS. I’ve seen stats as high as $15 billion (yes, billion) PER YEAR in just the U.S., with almost $3 billion attributed to a single type.
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First published on 05/26/2019

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