Posts in Category: Fraud

Blog Post List

Employee education, multi-factor authentication are important defenses against online crime 

A PIN bulletin issued by the FBI reports cyber criminals are attempting to use social engineering and other schemes to bypass the multi-factor authentication security protocols commonly used by banks and other businesses. As "multi-factor authentication continues to be a strong and effective security measure,” a most important step to fortify defenses is to educate employees about the pervasive problem of online crime.

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Importance of Written Agreements in Preventing Wire Transfer Fraud 

Wire fraud losses continue to grow at astounding rates. It’s imperative that your staff understand the importance of your bank’s written agreements and following instructions and procedures in place. Taking shortcuts may cause claims.

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Top 10 best practices to implement to avoid wire transfer fraud at your bank 

Wire Fraud involving bank customers is exploding! Insurance carriers expect banks to exercise a minimum level of due care to prevent any crime, including wire fraud crime. Front line personnel are in the best position to both spot and prevent wire fraud; therefore, it is critical that banks undertake these best practices.

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FBI issues bulletins on Dyre and Carbanak malware 

The FBI released several updates and bulletins to the banking industry regarding two different malware: Dyre and Carbanak/Anunak. The Dyre malware is being used with social engineering in order to get around two-factor authentication typically required by banks for large wire transfers.

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