This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
06/11/2023
Digital Behavioral Fraud Gets Increasingly Personal
PYMNTS
Powered by technology like generative artificial intelligence (AI), behavioral-driven fraud is enjoying a modern renaissance.
Whether through business email compromise (BEC) attacks or account takeover (ATO) scams, the strategies bad actors use to probe human-level vulnerabilities have evolved from easy-to-spot phishing attempts into highly sophisticated operations with the help of today’s future-fit digital tools.
Damian Williams, the United States Attorney for the Southern District of New York (SDNY), unsealed Thursday (June 8) an indictment charging a New York woman with laundering the proceeds of nearly $10 million in BEC scams through fraudulent bank accounts that she and others opened using fake and stolen identities.
The woman’s more than 15 alleged victims should consider themselves fortunate that she was even caught and arrested. Most of the time, organizations and individuals subjected to fraud usually must write off the loss.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information