During the first half of 2021, Coalition saw a surge of these attacks and initial fund transfer fraud losses reached an average of $388,000 (before accounting for recovered funds). In the second half the average initial loss did temper some as it dropped 11% to $347,000. However, that was still 78% above initial average losses from 2020. (Credit: fizkes/Adobe Stock) During the first half of 2021, Coalition saw a surge of these attacks and initial fund transfer fraud losses reached an average of $388,000 (before accounting for recovered funds). In the second half, the average initial loss did temper some as it dropped 11% to $347,000. However, that was still 78% above initial average losses from 2020. (Credit: fizkes/Adobe Stock)

Overall fund transfer fraud (FTF) losses increased 69% from 2020-2021, according to claims data from Coalition, Inc. The frequency of these cybercrimes grew 21% for companies with less than $25 million in annual revenue and 68% for those with $25 million-$100 million in revenue during the period.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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