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Tag: Wire Fraud

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Taking Quick Action Against COVID-19 Crimes

May 4, 2020 by Verafin

Financial crime has proven to be a serious and growing challenge during the COVID-19 crisis. Fraudsters have promptly exploited the pandemic for their gain; with many financial institutions closed or limiting branch access and large numbers of citizens still sheltering... 

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Fraud Risks in Turbulent Times

March 20, 2020 by Verafin

As the COVID-19 pandemic continues to spread throughout the world, financial institutions have been encouraged to remain steadfast in their ongoing scrutiny of potentially suspicious behavior and to diligently report suspected fraudulent activity. On March 16, 2020, FinCEN released a... 

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“Tell Me About Yourself.” Employment Scammers Targeting PII

February 27, 2020 by Verafin

“While hiring scams have been around for many years, cyber criminals’ emerging use of spoofed websites to harvest [personally identifiable information] (PII) and steal money shows an increased level of complexity.” – Internet Crime Complaint Commission (IC3) Public Service Announcement... 

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Heartbreaking: Romance Scams on the Rise

February 14, 2020 by Verafin

  “In 2018, confidence/romance fraud was the seventh most commonly reported scam to the [Internet Crime Complaint Centre (IC3)] based on the number of complaints received, and the second costliest scam in terms of victim loss.” – IC3 Public Service... 

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Redefining Fraud: Combating Evolving Business Email Compromise Schemes

January 23, 2020 by Verafin

In their search for the path of least resistance, fraudsters have discovered that trickery and deception are highly effective strategies. As noted by FinCEN, Business Email Compromise (BEC) is one area of financial crime where these tactics reign supreme, and... 

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Business Email Compromise (BEC) Fraud

December 10, 2018 by Verafin

This blog was originally published in July 2017 and has been updated to reflect up-to-date statistics and references. Business Email Compromise (BEC) has become a big earner in the criminal world and a serious fraud threat for financial institutions (FIs)... 

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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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U.S. Bank Account Information Sold on Dark Web Marketplace

August 25, 2016 by Denise Hutchings

A recent online post under the “Fraud” category of a Dark Web marketplace read as follows: “High Balance [redacted bank name] Logins 30K-150K Available…I bring you freshly hacked [redacted bank name] Bank Account Logins. The accounts are notorious for having... 

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Financial Fraud Charges in ISIS-Related Arrests in the US

February 8, 2016 by Denise Hutchings

Yesterday the House Homeland Security Committee reported that law enforcement authorities have arrested 81 individuals in ISIS-related cases in the United States since 2014 – 62 in 2015 alone. The cases include individuals plotting attacks; attempting to travel to join...