Wire fraud statistics: Key trends and financial impact in 2024

Wire fraud is hitting finance teams hard, with losses climbing year over year. Fraudsters aren’t just guessing—they’re hijacking vendor payments, impersonating executives, and slipping past weak controls. The result? Millions lost in unauthorized wire transfers.

For CFOs and finance leaders, the stakes couldn’t be higher. Below, we break down the latest wire fraud trends, risks, and financial impact, helping you stay ahead of emerging threats and protect your business from costly mistakes.

Author’s Top Picks

  • 80% of organizations targeted by payments fraud in 2023, with wire transfers as a key method
  • 39% of organizations reported wire fraud attempts in 2023
  • $10 billion in total consumer fraud losses reported in 2023, with wire fraud a major factor
  • 30% of organizations were unsuccessful in recovering funds lost to payments fraud in 2023
  • $145 million in real estate wire fraud losses reported in 2023

Wire fraud statistics

1. $12.5 billion lost to cybercrime in 2023, with wire fraud as a significant contributor

According to the FBI’s Internet Crime Complaint Center (IC3), total reported cybercrime losses in 2023 exceeded $12.5 billion, with a substantial portion attributed to wire fraud.

2. 71% success rate in recovering wire fraud funds by the FBI's Recovery Asset Team (RAT)

The FBI’s Recovery Asset Team (RAT) successfully placed holds on $538.39 million of the $758.05 million in fraudulent wire transfers in 2023, achieving a 71% success rate in freezing stolen funds.

Between 2013 and 2023, 305,033 incidents of wire fraud-related BEC schemes were reported worldwide, leading to billions in financial losses.

4. $20 billion in wire fraud losses from U.S. victims alone (2013-2023)

From 2013 to 2023, U.S. businesses and individuals suffered $20 billion in reported losses due to fraudulent wire transfers initiated through scams like BEC.

Global financial losses tied to fraudulent wire transfers rose by 9% year-over-year, reflecting the growing sophistication of wire fraud tactics.

6. 80% of organizations targeted by payments fraud in 2023, with wire transfers as a key method

In a survey of financial professionals, 80% of businesses reported experiencing attempted or successful payments fraud, with wire transfers remaining one of the most targeted payment methods.

7. 39% of organizations reported wire fraud attempts in 2023

Wire transfers were the third most targeted payment method for fraud in 2023, affecting 39% of surveyed organizations.

8. $10 billion in total consumer fraud losses reported in 2023, with wire fraud a major factor

The Federal Trade Commission (FTC) recorded $10 billion in total fraud losses in 2023, the highest ever reported. Wire fraud played a significant role in impersonation scams and high-value payment fraud.

9. $3.4 billion in losses reported by elderly fraud victims in 2023, with wire fraud a key method

$3.4 billion in losses reported by elderly fraud victims in 2023, with wire fraud a key method

10. $5.8 million wire fraud and money laundering scheme dismantled in June 2023

A U.S. law enforcement operation arrested six individuals involved in a $5.8 million wire fraud scheme, in which victims were tricked into making fraudulent wire transfers.

11. Western Union forfeited $586 million in 2017 for aiding and abetting wire fraud

As part of a U.S. Department of Justice settlement, Western Union was forced to forfeit $586 million for failing to prevent wire fraud activities conducted through its global payment network.

12. 30% of organizations were unsuccessful in recovering funds lost to payments fraud in 2023

This highlights the challenges businesses face in recouping losses from fraudulent activities, including those involving wire transfers.

Real estate wire transfer fraud statistics

13. $145 million in real estate wire fraud losses reported in 2023

Wire fraud in real estate transactions remains a major issue, with $145 million in reported losses last year, primarily due to business email compromise (BEC) schemes tricking homebuyers, sellers, and real estate professionals.

14. 13,638 victims of real estate wire fraud in 2020

In 2020, the real estate and rental sector reported 13,638 wire fraud victims, marking a 17% increase from 2019.

15. 25% of homebuyers targeted by fraud attempts during closing

One in four consumers reported being targeted by fraud attempts during the real estate closing process, emphasizing the need for increased fraud awareness among homebuyers.

16. Median loss of over $70,000 per victim

Victims of real estate wire fraud suffered a median financial loss exceeding $70,000, making it one of the most financially devastating forms of fraud.

17. Losses from real estate wire fraud increased from $9 million in 2015 to $446 million in 2022

The FBI reported a dramatic rise in financial losses from wire fraud in real estate transactions, growing from under $9 million in 2015 to $446 million in 2022—a reflection of fraudsters increasingly targeting homebuyers, sellers, and real estate professionals.

18. 51.8% of real estate transactions in Q4 2023 had wire and title fraud risks

A report found that 51.8% of real estate transactions in the last quarter of 2023 contained risk indicators for wire or title fraud, marking an all-time high and showing a growing vulnerability in the sector.

19. 54% of real estate professionals encountered a seller impersonation fraud attempt in 2023

A survey conducted in October 2023 found that 54% of U.S. real estate professionals had experienced at least one fraudulent seller impersonation attempt in the past six months, with 77% of respondents noting an increase in such attempts over the same period.

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