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: 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.
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. Money Laundering.
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
What does the term source of funds mean?
Where the money is being deposited or transferred originally came form.
What is "spoofing"?
Faking an email address, phone number, or website to look legitimate.
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.
Debit Card fraud:
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
What does "expected account activity" mean?
Normal behavior based on member history.
Why are QR codes increasingly used in scams?
They can hide malicious links.
Seen as trustworthy.
Lack of verification.
What's a common red flag in a fake cheque scam?
The member is asked to deposit a cheque and send money back.
Why is beneficial ownership information important when opening a business account?
Identifying the real individuals who own or control an entity helps prevent criminals from using the credit union to launder money or finance terrorism.
True or False: Long-term members pose less fraud risk.
False-anyone can be compromised.
Why do scammers insist victims keep transactions secret from their financial institution?
Because secrecy prevents intervention and reduces the chances that the scam will be detected.