NAB’s Post

As scammers get smarter, and AI continues to develop, impersonation threats will increase. At Verified Orchestration, we have built technology that eliminates impersonation. Ray did the right thing here. But customers should be supported by best-in-class technology so they can navigate interactions like this with confidence.

10 lies scammers tell to separate you from your money : "New York Magazine financial columnist Charlotte Cowles made waves last month with an article revealing that she'd been scammed out of $50,000. While some people were sympathetic, others criticized the author for falling for what even she herself admitted seemed like an obvious, if highly elaborate, con." Fraud Prevention Tips for Consumers - https://lnkd.in/ennzkfFA Safeguard Your Company Against Fraud - https://lnkd.in/gGZDRdDj #fraudprevention #scams #protectyourmoney #business #commercialfinance Are you appreciated? Don't stay in a relationship just because it's comfortable, and you have been with them a long time, you deserve more. What will you have for dinner tonight? Will you have the same tomorrow, the next day, and the next? Why not…… Don’t settle for just Okay. There is no harm in exploring options. Rate each 1 -5 (5 being the highest) Is it time for a Change? 1. My Financial Institution/ Banker values our Business Relationship. 2. My Financial Institution/ Banker regularly shares relevant information 3. My Financial Institution/ Banker has meaningful discussions with me about my business, and how they can assist 4. My Financial Institution/ Banker communicates clearly, and in a timely manner 5. I would recommend My Financial Institution/ Banker to other Business Owners. 6. I am satisfied with my Financial Institution/ Banker overall performance. I understand change is difficult, however if you are not giving your Financial Institution/ Banker a 4 or 5 it may be a time for a change. Don't stay in a relationship just because it's comfortable, you deserve more in 2024. If you are looking for a Trusted Advisor who will bring you new ideas, solutions, respond in a timely manner and a Team to assist with your Companies needs please reach out. ryan.joffe@pnc.com

I don’t post much on here and this is definitely a personal post and not the views of my employer. Just before Christmas my teenage son was the victim of a very nasty APP phone scam. He lost a lot of money, his entire child trust fund, and was left with nothing in his account after an individual using a freely available profile from a bank employee from this site scammed him into believing he was being targeted and needed to move his money into a new account. Now we can all imagine this wouldn’t happen to us, but to a young lad who was scared and inexperienced this felt very real. We reported it right away, answered all of the banks questions and raised it straight after on the Action Fraud website. We were relieved his bank was a signatory of the Contingent Reimbursement Model code and hoped the matter would be resolved quickly. Roll on a long three weeks and we received the news that his bank, Starling Bank, refused his claim, citing that he had failed to protect himself, had been responsible for the attack being successful through a lack of due diligence and were accepting no liability despite several obvious flaws in their preventative controls. Now it appears the bank, from published stats, have amongst the highest instances of this type of fraud, but also one of the lowest reimbursement rates from those signed up to the code. Clearly they lack the controls the code requires but also their customer service and approach to dealing with such matters leaves a lot to be desired. There are massive holes and a lack of detail in their response and they’ve failed to adequately consider his circumstances in coming to their decision. We now have to go through a complaints procedure so we’ll see where this lands in the coming weeks. I work for a business that really does live and breathe its values, both internally and with our customers. Starling Bank cite ‘doing the right thing’ among their values. Let’s see if they are true to their word. Anne Boden / ▪️Steven Newson FYI….

Got a call about fraud activity on your bank account? It could be a scammer July 11, 2024 - Based on an article by Terri Miller, Consumer Education Specialist, FTC Beware of scammers contacting you via phone, email or text with a warning involving fraudulent activity on your financial accounts. It's a scam. Here are 7 things to keep in mind if you think you are dealing with a scammer: - Stop and take the time to verify the legitimacy of any communication by contacting your official bank, broker, or investment advisor using the contact information on your statements. -Do not transfer funds with anyone claiming to protect your money - unless YOU initiate the transaction by contacting your financial institution using their PUBLISHED NUMBERS. -Do not share verification codes with anyone claiming to protect your money. Contact your financial institution to report any suspicious incidents. -Your funds are secure where they are, regardless of persuasive tactics used by fraudsters. Never move money to "protect it" - unless you know your information has been compromised! -Exercise caution when receiving unsolicited calls, texts, or messages asking for personal financial information or money transfers. Never share verification codes. -Bank accounts offer fewer protections than credit cards, so be cautious about transferring funds out of your account. -Promptly inform your financial institution and report suspicious communications to the Federal Trade Commission. Share this advice to help protect others from falling victim to scams. MilitaryConsumer.gov https://lnkd.in/e2EFwcg6

By the time the #bank or #creditunion sees a scam payment, it's often too late. When it comes to #scam regulations, there is something to be said for the argument of bankers about their ability to affect the outcome once a payment has been initiated. Customers are so far along with a scammer that they have been socially engineered to believe a stranger over the institution trusted to protect their money. In fact, they have even been coached on what to say to nullify any arguments from a banker, or other third party, attempting to speak sense to their victim. But bankers will call anyway, often to no avail, because that scam started hours, days, or weeks earlier with an email, phone call, DM, or text message that eventually grew into a trusted interaction the banker had no influence over. Nonetheless, regulation is coming and bankers will pay. Those phone calls, which don't scale and often create a strained relationship between bank and customer clearly aren't the answer. There's a better, evidence-based approach to get ahead of the scammers that marries the best enterprise tools with technology that helps consumers recognize a scam before any level of trust is established. No, you're not wrong my bank friends. But the time for that argument has passed. The time for action is at hand. Check out my latest blog for BioCatch for the plan that you need to turn the table on scammers, save your customers, and get ahead of regulations. Or, you can keep making phone calls? https://lnkd.in/e_tZv8UT #scam #regulation #liability #technology Seth Ruden Matt O’Neill John Evans Ken Palla Anthony Morello Bhagat Sabharwal Donna Turner

Hey Cifas Members I am keen to talk to people reviewing and thinking about strengthening or adding protections to their contact centre/customer services tool sets to identify fraud for high risk events (e.g. change of banking details, large transfers etc). In particular, relevant to this (I quote the fabulous Fraudscape report): There have been increasing reports of threat actors calling contact centre agents on multiple occasions to understand the verification process. They have then used the information learned about the process to target consumers, even mimicking the hold music used by the contact centre. These details are then used to social engineer the contact centre staff to gain access to the account. Research suggests that 60% of fraud involves a contact centre, even if the fraud attempt occurred through another channel, with an average of 26 phone calls made leading up to an attack. https://lnkd.in/ebnfd8MP

The Smart Fraud Someone I don't know sent me a check that I really could use. They added a larger amount, and I would give the difference to a third party after it clears. I am 99% sure this is a scam. Is there a bank fee if it bounces? How else can it hurt me? Yes, it’s a scam Yes, there will be fees WHEN (not if) the check bounces. The way it works is you deposit the check in your account. Your bank will likely give you access to at least part of the funds within just a few days (depending on the size of the check) but it could take up to 2 weeks for the check to actually totally clear your bank AND theirs. But the smart guys will push you to send the #money to the 3rd party right away. There’ll be some kind of deadline involved and you’ll mess everything up if you don’t do it now, even if you have to use some of your own funds. It’ll be fine - you’ll get it back when the check clears, bla blaa blaaa. The check is a smart forgery. The account is real. The company is real. But the cheque is a white lie fraud. That check is going to bounce so ALL the money you deposited will be withdrawn from your account by the bank. If you’ve spent any of it, your account will be overdrawn. So you’ll have fees for the returned deposit PLUS overdraft fees PLUS whatever fees you might incur when your overdrawn account causes payments you made to be declined. Several years ago I had someone do this to me. They bought a House from me on ebay and sent a business check for twice the price. The smart guy was that I would deposit the check and then send the excess money to the shipper who would be picking up the House. The company was real (although why a large regional real estate chain would authorize a house purchase is something the smart guy didn’t think of). The bank account was real. But when I called the company, the check was one in a batch of blank checks that had been stolen by a former employee. I had great fun with those guys for nearly 3 weeks before they gave up. 🤣 😂 😁 Stories from the Internet Village

Recently we’ve been speaking with Proptechs and real estate professionals, who all tell us that fraud prevention is high on their radar. This recent Australian Broadcasting Corporation (ABC) article shows the impact these scams have on unsuspecting victims: https://lnkd.in/gud54n_a Scammers are increasingly targeting the lucrative Australian property market. The most common trap being the payment redirection scam, also known as a ‘man in the middle scam’. This involves scammers gaining access into a business’ email account or impersonating a business by sending emails from almost identical email addresses (e.g. from sales@novaatti.com instead of sales@novatti.com). At Novatti we’re proactive in reducing payment fraud by providing clients with secure payment gateways, rather than sharing BSB and account numbers over non-secure channels. #paymentfraud #fraudprevention #realestatefraud #emailfraud #paymentscams #proptech

Scams and scammers are a blight on society at the moment. We need more than just a blame the bank approach to solving this. Telcos are allowing alarming numbers of clearly fraudulent calls and texts to flow through their systems, some even with spoofed numbers as mentioned in this article, making it appear these messages are from the banks. Legislation lags the complexity and scale of scams. There is no clear framework at the moment to attach responsibility to organisations who fail to stop a customer being scammed. Nothing sets out how much responsibility would fall to each of the often two banks involved, as well as the telco that allowed a scammer to leverage their network. Think of the recent cases where scammers are using sim boxes to send thousands of phishing texts. Surely the telcos should be able to detect this misuse of their network and shut it down quickly. I’ll add links to two recent articles for anyone who has not heard of this yet. https://lnkd.in/gUK34ywu Definitely work needed across multiple industries and government to start to curb this scourge. https://lnkd.in/gxSrFj6s

No 1. is super underrated. Used to do it when I started having a bank account. Luckily I was pretty safe in Australia. Regularly check your bank accounts for fraud Look through your accounts, especially your checking and credit card accounts, every two weeks. "Take an hour and do a deep dive. Look at all the transactions and make sure everything there is valid and legitimate," says Richmond-Pope. #financialsafety #awareness #scam #fraud #prevention #duediligence https://lnkd.in/exK77mU4