Cyber Security RESOURCES

Contrary to the common belief that fraud schemes are quick scams leading to minor losses, one woman was deceived into thinking she was a prime suspect in a money laundering operation for three long months. Fearing imprisonment or deportation, she became entangled in the deception and lost $300,000 before discovering it was a scam.

Election years are a critical moment for any democracy. Unfortunately, they are also prime opportunities for hackers and cybercriminals to exploit the heightened political atmosphere.  A voter registration verification scam is a common and deceptive tactic employed by cybercriminals. These scams specifically target individuals, tricking them into divulging sensitive personal information under the guise of verifying or updating their voter registration status.

During the process of purchasing a house, newlyweds Lilah Jones and her husband were deceived into sending money to a scammer. The fraudster used the scam, Business Email Compromise (BEC), to pose as the title company. False wiring instructions were provided, leading the couple to transfer a $130,000 downpayment to a fraudulent account instead of the title company.

A common way scammers gain access to accounts is through imposter scams. This is where a fraudster poses as someone of authority to scam a victim and commit monetary theft. Fraudsters use psychological strategies, including isolation and instilling a sense of urgency, to take advantage of the trust and emotional vulnerability of their victims. This was just such a case when one senior citizen fell victim to an imposter scam that cost him $740,000 in retirement savings.

What would you do if you got a frantic call from a loved one because they were in danger? Or what if an unknown caller told you that someone dear to your heart would be harmed if you didn’t comply, as the shrieks of a familiar voice begged for help in the background? Would you hang up, or would you pay up? While many people would say they wouldn’t fall for something like that, it’s becoming harder than ever to tell the difference between a scammer posing as a loved one and a genuine cry for help. And as quickly as it begins, it’s over, leaving you with emotional trauma and an empty bank account.

With cybercriminals always devising new methods to target consumers, cybersecurity experts emphasize the importance of security awareness in preventing fraud. However, despite being an acclaimed financial-advice columnist, Charlotte Cowles [Brooklyn, NY] fell victim to a manipulative scam that cost her $50,000.

New and innovative applications are touted as a fun way to make prank calls, but they aren’t just being used by teenagers to pull a fast one on a friend. Fraudsters are using these apps to mimic legitimate business numbers and send text messages or calls that appear to be from the victim’s trusted financial institution (FI) in a scam called bank spoofing. Scammers on the other end of the call attempt to acquire sensitive information such as bank account numbers, passwords, personal identification numbers (PINs), and authentication codes that allow money transfers or access to the account.

Romance scams continue to gain prevalence as scammers use online dating platforms and social media to prey on vulnerable individuals looking for love.  Continue reading to learn how a man nearly fell victim to a romance scam where the perpetrator intended to use him as a money mule, but the scam was stopped before any transactions occurred, thanks to a concerned bank employee.

With the rise of online dating and social media, millions of people flock to digital platforms to find love. But from behind the protection of a computer screen, scammers exploit the most vulnerable people seeking romance and relationships, ultimately leaving the unsuspecting victim with a broken heart and an empty bank account.

Technology is advancing at an unprecedented pace, and even the most tech-savvy individuals can find themselves in need of assistance to remain connected and productive. Unfortunately, with the increased demand for tech support comes a rise in fraudulent activity exploiting this important service. Senior citizens are the most vulnerable group because they are more likely to seek help in navigating the complexities of technology.

With the holiday season just around the corner, it’s a time for celebrations, travel, and shopping, but it’s also prime time for fraudsters to prey on unsuspecting consumers. Amidst the hustle and bustle of planning and festivities, people become easy targets for scammers.

In our latest article in Fraud Squad series, we cover a deepfake scam that started with a call, a familiar voice, and a frantic plea for help. One couple is scammed out of nearly $10,000 when they received a call from whom they believed to be their incarcerated son requesting money for bail.

As peer-to-peer (P2P) digital payment platforms like Venmo and Paypal rapidly grew in popularity for their ability to provide easy, convenient money transfers, several major banks collaborated to create Zelle. The new transfer application promised to be “the next big thing” in banking, yielding near-instantaneous transfers directly between banks. Unfortunately, with new digital technology comes increased risk.

A small business owner recently fell victim to a sophisticated bank scam that drained her life savings, where scammers exploited two-factor authentication to gain access and withdraw money from her account. This cautionary story serves as a warning about the increasing prevalence of fraud and emphasizes the significance of using effective fraud detection systems.