Fraud 101
This type of email scam pretends to be from your boss or CEO, asking for urgent payments.
What is Business Email Compromise (BEC)?
This PCCP system is used to track daily cash activity across funds.
What is GTreasury?
Fraudsters often send requests at this time of day to create urgency.
What is late afternoon / end of day?
Leonardo DiCaprio played a famous con man in this movie.
What is Catch Me If You Can?
PCCP requires this many levels of review before releasing a wire under $5MM
What are two?
The basic principle of wire verification is to always confirm using this method.
What is a known/independent phone number?
When an investor updates payment instructions, the most important next step PCCP must take is ___.
What is independent verbal confirmation with the known investor contact?
This psychological tactic pressures victims by making them think they’ll miss an urgent deadline.
What is urgency/pressure?
This Netflix documentary told the story of a dating-app scammer who tricked women out of millions.
What is The Tinder Swindler?
This extra layer of login security requires both a password and a code from another device.
What is multi-factor authentication (MFA/two-factor Authentication)?
The FBI unit that tracks and investigates cyber fraud is called this.
What is the Internet Crime Complaint Center (IC3)?
If PCCP wires to the wrong account due to fraudulent instructions, the two biggest risks to investor relationships are these
What are financial loss and reputational damage?
Fraudsters often create fake websites or domains that look nearly identical to a trusted company’s to trick victims
What is domain spoofing?
Jordan Belfort’s story of penny-stock scams inspired this Hollywood movie.
What is The Wolf of Wall Street?
Clicking a link in a suspicious email is an example of falling for this cyberattack.
What is phishing?
This common fraud involves new investors’ money being used to pay earlier investors.
What is a Ponzi scheme?
The “gold standard” for updating investor banking info is through this secure system.
What is Juniper (the portal)?
When hackers insert themselves into a two-way email chain to redirect payments, it’s called this.
What is a man-in-the-middle attack?
The character Frank Abagnale Jr. successfully impersonated this profession before being caught.
What is an airline pilot?
When there’s ambiguity in a high-risk wire, Treasury’s first step is to do this.
What is escalate to leadership / pause until verified?
Wire fraud carries a maximum penalty of up to this many years in prison if a financial institution is involved.
What is 30 years?
The banking principle of having one person initiate, another approve, and another reconcile is known as this.
What is segregation of duties?
The term for tricking someone into revealing confidential info through conversation or relationship building.
What is social engineering?
This infamous Ponzi schemer ran the largest fraud in history, estimated at $65 billion.
Who is Bernie Madoff?
This type of cyberattack locks an organization’s files until a ransom is paid, and has become one of the fastest-growing financial crime threats.
What is ransomware?