The increased use of wire transfers as a replacement for check and cash payments has decreased the risk of fraud.

Question

Quizplus · Accepted Answer

While wire transfers may be less susceptible to certain types of fraud (such as alteration or counterfeit checks), they are still vulnerable to other types of fraud such as phishing scams and social engineering attacks. Additionally, wire transfers are irreversible, making it more difficult to recover funds in the event of fraud. Therefore, the increased use of wire transfers has not decreased the overall risk of fraud.

The Increased Use of Wire Transfers as a Replacement for Check