Wire fraud occurrences on the rise

Treasury Department numbers say wire fraud has risen tenfold over the past decade

Financial fraud often receives the big headlines, most recently concerning a Citi trader who conspired to fix interest rates. But according to a recent report, one of the most common types of fraud has been steadily increasing over the past decade: wire fraud.

According to the Wall Street Journal (WSJ), data from the Treasury Department's Financial Crimes Enforcement Network shows that wire fraud has risen tenfold over the past decade, all the way up to 3,923 cases last year alone. The data says that this number is likely to grow in the future as well, as wire fraud cases were up 63 in 2012 from the previous year.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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