Case Study

Stolen Savings

Strengthening your Wire Fraud Program

Fraudsters are constantly evolving their tactics to capitalize on changing payments technologies and target unwitting victims. In a recent scam recognized by the FBI’s Internet Crime Complaint Center (IC3) known as “Pig Butchering”, scammers slowly manipulate their victims into sending increasing sums of cryptocurrency to digital wallets controlled by the fraudster.

The following anonymized case study highlights a “Pig Butchering” scam scenario we observed in the Cloud involving wire and cryptocurrency transactions, and how Verafin detected the suspicious activity and alerted a financial institution to an ongoing fraud impacting one of their customers.

  •   Cloud Insights
  •   Cloud Technology
  •   Cryptocurrency
  •   Elder Financial Abuse
  •   Wire Fraud

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