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Tag: Identity Theft

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Unreal Identities Leading to Real Crimes

February 4, 2019 by Verafin

Synthetic identity fraud has become a vehicle for fraudsters to commit a host of financial crimes, such as account fraud, loan fraud or online banking fraud. Criminals combine real and fabricated identification information to create synthetic or fake identities which... 

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Unmasking online account takeover

December 19, 2017 by Verafin

The intersection of fraud and online banking accounts continues to be big business. With our dependence on smart phones and as the Internet continues to seemingly expand into every aspect of our lives, criminals are fashioning masks molded from stolen... 

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U.S. Court Case: 5 Cyber-Enabled Financial Crimes

December 4, 2016 by Denise Hutchings

Last week, U.S. authorities in conjunction with international law enforcement issued a press release on the dismantling of a cyber criminal infrastructure known as Avalanche. A joint statement by U.S. agencies noted that “this network hosted more than two dozen... 

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U.S. Wire Fraud Case: Multiple Companies and Multiple Banks Exploited

October 10, 2016 by Denise Hutchings

Wire fraud that emanates from the combination of identity theft and email compromise has skyrocketed to an escalated threat level in the class of evolving cybercrimes which exploit both financial institutions and their customers. To help shine a spotlight on... 

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EMV Transition: Get Ahead of the ATM Liability Shift

July 6, 2016 by Verafin

With the transition to EMV firmly underway in the United States, we thought it would be a good time to discuss progress and the potential impact to your card fraud programs. Liability Shift As of October 2015, Liability Shift (LS)... 

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It’s Tax Fraud Season

January 21, 2016 by Brendan Brothers

With the holiday season behind us and the new year underway, it’s time to prepare for a brand new season—the 2016 tax filing season. Over the next few months, fraudsters will exploit the personal information of thousands of U.S. taxpayers... 

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15 Red Flags for New Account Fraud

July 14, 2015 by Denise Hutchings

Compromised credentials from a data breach or malware are frequently exploited by financial criminals to perpetrate new account fraud. The agency [FBI] used to learn about a new, large-scale data breach every two or three weeks. “Now, it is close... 

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10 Ploys Fraudsters Use to Commit Identity Fraud

June 26, 2015 by Denise Hutchings

Financial Criminals and SSNs Make a Bad Combination A Social Security number (SSN), which supposedly distinguishes one person’s identity from another, is a key piece of information for a financial institution’s Customer Due Diligence (CDD) process and opening bank accounts....