Info compromise
This type of tx is made on a terminal that can be used to withdraw cash.
Since cash advances provide easy money to Fraud Perpetrators, it it’s a frequent target of fraud schemes
ATM/ABM tx
When a fraudster perpetrator steals all information from an actual customer and starts abusing this information without the actual customer's consent
Identity Theft
When the bank's information is breached and important information is stolen. Fraudsters will try to permanently hack the bank's systems and get this information.
Bank's breach fof regulations.
Fraud Perpetrators can obtain Customers’ information by collecting poorly disposed documentation
Fraud Perpetrators can obtain SINs from tax documentations or statements thrown out in the garbage
Dumpster diving
Customers will provide their personal information to fake websites created to look like the legitimate website.
Example: The Customer receives an e-mail directing them to a website that looks similar to the Bank’s website; the website is actually a fraudulent duplicate. It is attempting to collect the Customer’s personal information.
Phishing
This type of transaction requires a personalized four digit code to authenticate the transactions. It has greatly helped reduce transaction vulnerabilities.
Chip and PIN
When a Fraudster is able to get a hold of the credit card number, CVV2 and expiry date. The customer is in possession of the card, but the fraudster still uses this numbers to pass unauthorized tx.
Card Data compromise.
When an employee willingly shares or keeps customer information in order to abuse of this information to enable fraud.
Employee breach
When a Fraud Perpetrator attempts to discover a victim’s PIN while they are entering it in the pin pad during a transaction.
Shoulder surfing
Customers will lend their credit card to a person that they know to use it. The individual will then use it for additional purchases then initially agreed upon.
The Customer in this case has given permission to have the other person use the account. From the Bank’s point of view; it is not deemed fraudulent. The Customer will then need to pursue external authorities should they wish to see retribution.
Friendly/Family Fraud
This type of transaction is processed over the phone, received in the mail or mainly online.
The merchants never come into contact with the Customer’s physical card
Card not present (CNA) / MOTO
Lost or Stolen Card
Scams
Fraud Perpetrators can steal and activate credit cards while they are in transit between the bank and the Customer.
Sometimes, the Customer is not even aware that a credit card has been sent through the mail (reissues).
Statements and other documents can be stolen as well.
Mail theft. Intercepted mail.
Someone overhearing a business conversation, processes or procedures could target us to obtain confidential information. We should always refrain from talking about Customers, calls, or the Bank’s processes and strategies outside of the office.
Private conversations
This type of terminal allows a Customer to process transactions without any contact with the Merchant. It is vulnerable because cards are subject to skimming due to the terminal being unattended.
(Gas station terminals)
Unattended Terminals