Download ALTA's Outgoing Wire Preparation Checklist

August 27, 2019

Attempted losses due to business email compromise schemes increased to more than $300 million per month, according to the latest report from the Financial Crimes Enforcement Network (FinCEN).

This is an increase from $110 million per month in attempted losses in 2016. FinCEN reported that overall, the number of BEC suspicious activity reports (SARs) increased to 1,100 per month last year, which was up from 500 reported per month in 2016.

With this threat continuing to grow, ALTA’s Information Security Committee developed a new tool for members seeking best practices to verify outgoing wire information. The checklist is broken into three sections:

  1. Provide the source of the wiring instructions
  2. Verify instructions received by email or from someone other than the payee
  3. Verify delivery of wired funds

Download the Checklist

Check out additional wire fraud resources ALTA has developed here.


Contact ALTA at 202-296-3671 or communications@alta.org.

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