Phishy Business
What's the most common goal of a Phishing email?
To steal personal or account information.
A member suddenly changes their contact information and immediately request a password reset. Red flag?
Yes-could indicate account takeover.
True or False: At the discretion of the managing partner, a reimbursement of the fraud loss can be offered to the member before the investigation is complete.
Bonus: what is the threshold for MP to reimburse.
True
$3,000
A member makes three cash deposits totaling $9,900 in the same week. What might this indicate?
Possible structuring to avoid reporting requirements.
What's one clue an email might be a phishing attempt?
Misspellings, urgent tone, strange links, or fake sender address.
A member receives multiple e-transfers from different people they don't know. What type of activity could this suggest?
Possible money mule behavior.
True or False: You are allowed to delete the e-agreement in DNA before an investigation has taken place.
False-lock BFO until you are given the okay for F&C to place a deletion.
What does the term source of funds mean?
Where the money is being deposited or transferred originally came form.
What's a common red flag in a fake cheque scam?
The member is asked to deposit a cheque and send money back.
A member refuses to provide details about the purpose of a large wire transfer, calling it personal and getting defensive. What does this indicate?
Potential involvement in a scam, fraud or illicit transfers.
True or False: If a member notifies the CU of an e-transfer that was not received by the intended recipient, the sending FI is responsible for investigating and reimbursing the loss.
True
Why is beneficial ownership information important when opening a business account?
Criminals may hide behind companies.
Fraudsters often say not to tell anyone about the transaction because...
A) It's a secret/It's secret government business
B) your bank won't understand
C) They will leak their personal or account information if they tell anyone.
D) All of the above
Answer: D) all of the above