Fraud Alert is your go-to source to discover the latest fraud and scams in the industry. Alerts come directly from professionals working in the anti-financial crime industry. Discover the trends and stay ahead of the curve with insights from subject-matter experts around the globe. Be a part of the global financial crime detection and prevention exchange.
What is happening with check fraud? Fraudsters are stealing business’s checks from the mail. They then open a fake business account as the payee on the check and deposit. These items have an extended return window. Banks have taken multiple losses of over $100k with...
How are fraudsters defrauding financial institutions (FIs)? Fraudsters open accounts at multiple banks using fraudulent or stolen passports. Fraudsters send checks and Zelle transfers from one FI to another to build a relationship and balance. Fraudsters then send items that do not have a balance...
Look out for banking apps: Customers are depositing official checks into a bank’s mobile app without restrictive endorsements. They then deposit the paper item at another financial institution. Long-term Solution: Do not allow official items in the mobile channel. Short-term Solution: Set up a team...
This attack takes place where there is more than one ATM in a location. The fraudster jams the card reader at one of the ATMs and waits at the other ATM for someone to attempt a transaction at the machine with the inoperable card reader....
Credit cards are susceptible to attacks via a number of avenues. A recent type of attack is called “enumeration attack,” where fraudsters employ automated trial-and-error authorization attempts on credit card numbers at unwitting merchants. The attack roughly follows this pattern: The attacker attempts a low...
Editor’s note: This article is the second in a two-part series by the author on cryptocurrency and fraud. The first article, “Crypto Kaleidoscope,” is available on ACAMSToday.org. As every amateur guitar player comes to realize, volume and reverberation are allies when it comes to countering...
Law enforcement (LE) in the U.S. is aware that financial crimes are increasing yearly and is taking a proactive approach through collaborative efforts such as private-public partnerships and partnerships between LE agencies. Ceasing the efforts of financial criminals is an uphill battle. In order to...
Editor’s note: This article is the first in a two-part series by the author on cryptocurrency and fraud. Many people are both compelled and confused by crypto. This is understandable as it is difficult to aurally reconcile the cacophony from critics, the Muzak from adherents...
