Fraud Basics
This type of fraud involves stealing someone’s personal information to open accounts.
Identity Theft
Fraudsters pretending to be the bank by phone is an example of this.
Impersonation
Multiple transactions just below a CTR reporting thresholds may indicate this activity.
Structuring
Emails designed to steal credentials are called this.
Phishing
A fraudster uses fake checks and quickly withdraws funds before the check bounces.
Check Kiting
A phishing attack conducted through text messages is called this.
Smishing
Suspicious activity, for example sudden international wire transfer from a normally inactive account, is considered this.
Red Flag
This security control adds a second layer of verification beyond passwords.
Multi-Factor Authentication (MFA)
Fraudsters alter stolen paper checks by changing the payee or dollar amount using chemicals or other methods.
Check Washing
Scammers use emotional manipulation and fake relationships in this scam type.
Romance Scam
Multiple small purchases on on a card may indicate this type card activity.
Unauthorized Card Use/Charges
Fraudsters install devices on ATMs to steal card data using this method.
Card Skimming
Fraudsters recruit people to transfer stolen money through their accounts. These individuals are called this.
Money Mule
A fraudster sends a fake email pretends to be a senior executive and pressures an employee to urgently transfer funds or share sensitive information.
Business Email Compromise
A customer’s account suddenly shows transactions that are significantly outside their normal spending or withdrawal behavior.
Unusual Account Activity
Malicious software that locks systems until payment is made is called this.
Ransomware