Wire Transfer Fraud

Take a moment to think hard about the people within your business. How many of them have access to approve the sending of large sums of money? Those numbers may not mean anything to you now, however, how many of those people know what Social Engineering is?

Social Engineering Fraud, or Wire Transfer Fraud, is when a hacker uses human interaction to obtain information about an organization or its computer systems. Usually, the culprit is inconspicuous, they blend in with their surroundings, and are generally pleasant.

They may portray to be a client or employee to acquire enough trust as to not raise suspicion for their being in plain sight.

Other Social Engineering (Wire Transfer) Fraud comes most frequently as an e-mail from a familiar source asking for a wire transfer for a current deal. It’s happening daily, the e-mail is opened, and everything seems accurate, the wire is completed and just like that the account disappears and the funds are gone in the wind.


  • 48% of IT and security professionals say their organizations have been a victim of social engineering.
  • Social engineering fraud cost victims an average of $25K – 100K per security incident.
  • Interpol, the international policy agency has identified social engineering fraud as one of the world’s emerging fraud trends

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