Fraudsters are strategically targeting different payment types, underscoring the need for channel-specific fraud prevention strategies
NiCE Actimize, a NiCE (NASDAQ: NICE) business, has released the “2025 NiCE Actimize Fraud Insights Report, U.S. Retail Payments Edition,” which explores the latest findings on the evolution of fraud attacks across various transaction types, including check fraud, domestic and international wires, and Zelle payments. Utilizing NiCE Actimize’s collective intelligence and Federated Learning, the Fraud Insights report was developed by analyzing billions of banking and payments transactions.
According to the report, from 2023 to 2024, fraudsters’ focus shifted back slightly towards Account Takeover (ATO) Fraud from Scams, in terms of the overall value of attempts. Scams are still the method of choice across 57% of attempted fraud transactions; however, ATO fraud is showing no sign of disappearing. From a volume perspective, there was a slight shift towards Scams to 52% in 2024 vs. 50/50 split in 2023.
In the U.S., the top fraud challenges vary significantly depending on whether the focus is on value (dollar amount of the transactions) or volume (number of transactions), the report says. The most notable development since last year’s report, concerns international wires. In 2024, the total value of international wire transactions declined 6% year over year, but the value of attempted fraud for international wires surged 40%. Additionally, Zelle transactions saw a 26% increase in value, accompanied by a 34% rise in attempted fraud.
The report’s data also revealed that 67% of all fraud is linked to just 7% of payments made to newly added payees—highlighting how fraudsters are exploiting when a new recipient is introduced into the payment flow.
“Industry collaboration is more crucial than ever. Sharing knowledge, expertise, and data helps us establish effective controls to safeguard financial institutions and their customers,” said Craig Costigan, CEO of NiCE Actimize. “With our decades of experience, we’ve developed solutions that go beyond payments and by leveraging advanced AI, we’ve improved model building and operational efficiency for comprehensive protection at every stage. The fraud management community has a strong history of innovation, a value that we at NiCE Actimize have embedded at the very core of our organization.”
The report also highlights that international wire fraud attempts are becoming more targeted and sophisticated, often involving social engineering tactics and mule accounts across borders. Financial institutions are seeing a rise in fraud rings exploiting weak onboarding controls in cross-border payment systems, making international wires a growing area of concern despite their relatively low transaction volume.
The report’s statistics also show that fraudsters are strategically targeting different payment types based on their characteristics—high-value fraud through checks and wires, and high-frequency, lower-value fraud through faster digital channels like Zelle. This underscores the need for channel-specific fraud prevention strategies.
Addressing the Surge In Fraud
With the increase in both the volume and complexity of scams, as the research reports, NiCE Actimize offers a comprehensive suite of solutions to help financial institutions stay ahead of these emerging threats. One such innovation is IFM Advanced Scam Prevention, which leverages machine learning and collective intelligence gathered from NiCE Actimize’s extensive global client network.
This solution is specifically designed to detect and prevent scams—currently the most prevalent fraud typology—by analyzing behavioral patterns, identifying suspicious counterparties, and sharing intelligence across institutions. By combining real-time analytics with a deep understanding of scam tactics, IFM Advanced Scam Prevention empowers organizations to proactively block fraudulent transactions before they occur.
Discover the latest trends and insights—explore the Business Insights Journal for up-to-date strategies and industry breakthroughs!
