Financial Institution Protection: Stopping Wire Fraud

The Attempt

A customer at "First Community Bank" requested:

• $85,000 wire transfer to "new supplier"
• Urgent request (closing in 2 hours)
• Slight changes from usual patterns
• Pressure to complete immediately

The Bank's Protocol

The teller followed new procedures developed using Quiet-Report data:

1. Verification Delay: Required additional manager approval
2. Pattern Check: Searched recipient account in our database
3. Customer Verification: Called customer's known number (not from request)
4. Supplier Verification: Attempted to contact supplier directly

The Discovery

Our platform revealed:

1. Recipient account linked to 3 other fraud attempts
2. Similar amounts and urgency patterns
3. Same "supplier" name used with different businesses
4. Active FBI investigation into same network

The Prevention

The bank:

1. Blocked Transfer: Prevented $85,000 loss
2. Customer Education: Explained the attempted fraud
3. Law Enforcement: Provided complete evidence package
4. Industry Alert: Warned other banks through association

The Results

• Financial Saved: $85,000 immediate + $250,000+ in prevented future attempts
• Customer Protection: Business saved from significant loss
• Industry Impact: New fraud detection protocols adopted by 15 banks
• Legal Action: Investigation expanded with bank's evidence

Banking Resources Developed

1. Wire Fraud Detection Protocol: Step-by-step verification
2. Customer Education Materials: Recognizing business email compromise
3. Inter-Bank Alert System: Real-time fraud warnings
4. Regulatory Compliance Guide: Meeting fraud prevention requirements