SentiLink’s Post

📢 I know there is always so much to do after a long weekend, but I promise that reading this article our team wrote is worth a few minutes of your time! Unlike other breaches, this leaked data appears to include both PII and account information from *non-Evolve accounts*, which might enable fraudsters to easily access and drain victims' bank accounts. This article helps illustrate how fraudsters could use this information to exploit gaps in current account onboarding and account funding practices.

ATTENTION ICBA COMMUNITY BANKERS, protect your community bank from fraud with FraudXchange.com! Their complete package includes a database of bank names and contacts for every bank in the US market, fraud training and a dark web and social media AI based forensic team capturing stolen checks. All brought to you by THREATADVICE.COM, a company supporting community banks for over 30 years. Stay local and support your community with community-focused technology. Check out FRAUDXCHANGE.COM and give them a try. #FRAUD #CHECKFRAUD #COMMUNITYBANKS #DARKWEB#ICBA  Learn more about how community banks are fighting check fraud on the front lines: FraudXchange.com

Two inconvenient truths about US financial infrastructure: #1: if you have someone else’s bank account number and routing number, you can initiate an unauthorized bank transaction. The very account and routing number that are printed on every check you write. The ones you share every time you need to get paid via ACH. The ones that typically don’t change through the lifetime of your account. #2: Millions of bank account and routing numbers are floating around the dark web TODAY because of recent major data breaches, despite financial institutions’ best efforts to protect their consumers. Today we’re announcing two new features to address this in our 🚨 Beacon fraud consortium – data breach reports, and support for scanning for fraud reports using account + routing numbers. And we’re doing it for free, whether you’re an existing Beacon customer or looking to join. This means that when any of the millions of compromised identities or bank account details reported in Beacon are used on a customer’s platform - whether it be during onboarding, account recovery, or sending money - Beacon flags it immediately. DM me if you want access. Learn more about these new features and Plaid beacon here: https://lnkd.in/gxuYkDDx

https://lnkd.in/eAUNe4-x "The data incident happened because of a mistake in the security system, which allowed someone to access the sensitive information of some Webster Bank customers. The company found out about this on January 24, 2023, but it was not until February 10, 2023, that the Guardian confirmed that Webster Bank’s data had been impacted. The compromised information included the customers’ Social Security numbers, names, and account numbers." #Banking #Banks #WebsterBank #ClassAction #ClassActions #Settlement #Settlements #Fraud #Fraudsters #FraudAwareness #BankFraud #DigitalFraud

Here is a good article regarding how to create a synthetic ID. This might be old news to you, but for people new to fraud management in banks it might help you understand how the bad guys create a synthetic ID. Synthetic Fraud: Chasing Ghosts in the Credit System | fraudbeat.com

Is your financial institution 🏦 up against #SyntheticIdentityFraud? If the answer is yes, you’re not alone. From using synthetic identities to open money mule 🫏 accounts to committing credit card 💳 and loan fraud 💸, criminals are using them to perpetuate a range of crimes that are causing big losses for banks and credit unions. 🔍 We recently partnered with IDC to survey 100 professionals at financial institutions to better understand the issue – the challenges they’re facing in identifying synthetic identities and quantifying the issue, the investments they’re making to combat it, and the solutions they’re looking to for future prevention. 📝 Get the full report below!

It's official: paper checks are a thing of the past! At the latest CSI Customer Conference, it was confirmed that paper checks are not only inconvenient, but they are also a major target for fraud. This is causing both banks and customers endless headaches. Stay ahead of the curve by exploring more secure payment options. Bryan Clagett's note from Chase today further confirms this -- #communitybanks, as well as the big banks, are struggling with paper check fraud. Don't fall victim to fraud, make the switch to more secure payment methods today! #security #paymentmethods #fraudprevention

This is a great read as M&T Bank's Karen Boyer shares her insights and projections regarding how fraudsters or cybercriminals have evolved and become even more sophisticated and brazen. In this article by Suparna Goswani, Boyer shared that one of the reasons for this shift is that fraudsters and fraud-as-a-service groups have come out in the open. They've left the dark web and are using a variety of tools to create fake identities and grow their business. "They are using Telegram, Twitter, Instagram and other social media sites, and fraudsters are creating this whole package, not just an identity ... it is a seasoned account. And sometimes they sell these accounts with a device so there is device profiling as well. This will start scaling in 2024." https://lnkd.in/g2t7Q8Nd

The Evolve data breach may be much worse than it appears. It could even lead to fraudsters draining accounts at *non-Evolve* banks. Here's how: Unlike most breaches, the Evolve breach reportedly contains customer PII as well as ACH credentials (account and routing number) for non-Evolve banks. For example, Jane Doe together with her account and routing number at First Main Bank. If this is true, a fraudster could steal Jane's identity, open an account in her name with Second Main Bank, and link her account at First Main Bank. Second Main Bank will do an account ownership check with EWS, see that Jane owns the account at First Main Bank, and allow her to link it. The fraudster can then pull and steal funds from Jane's actual account at First Main Bank. Now, as the ODFI Second Main Bank will be liable for this but talk about a nightmare situation for Jane and both banks... https://lnkd.in/eK2qBQYJ

As an expert in the world of digital transactions, I've seen it all. The good, the bad, and the downright fraudulent. But one of the biggest hurdles for many businesses, big or small, isn't just detecting fraud, but preventing chargebacks. Chargebacks, the bane of many a merchant, can wreak havoc on your bottom line if not dealt with proactively. But, fear not! There are strategies you can implement to safeguard your revenues, enhance security, and boost customer trust. So, let's break it down: 1. Collaborate with Financial Institutions: Work hand in hand with your bank or payment processor. They have resources and tools that can help detect potential fraudulent activities before they occur. 2. Leverage Technology: Use fraud detection software that can analyze transactions for any signs of fraud. The earlier you catch the fraud, the better your chances of preventing a chargeback. 3. Clear Communication: Keep your customers informed about their purchases, and be transparent about your policies. Customer confusion can often lead to chargebacks. Remember, the best defense is a good offense. So, don't just react to the problem of chargebacks and fraud. Be proactive by implementing these strategies. I'd love to hear your thoughts and experiences. What strategies have you used to prevent chargebacks and detect fraud? Let's learn and grow together! #DigitalTransactions #FraudDetection #ChargebackPrevention