Fraud Wise

  • Fraud Wise Podcast: Resources and Best Practices to Find and Report Fraud
    December 15, 2021
    Fraud is becoming more and more prolific, so this episode is dedicated to providing you the resources and best practices to find and report fraud. Taking quick and effective action is the best way to resolve an immediate fraud issue and help prevent fraud from continuing. 
  • Fraud Wise Podcast: Preventing Internal Business Fraud
    November 23, 2021
    While businesses don’t want to think they could have issues, the reality is that no company is 100% safe from internal fraud. It is important for companies to be aware of potential threats and take the necessary steps to help protect themselves. This episode of Fraud Wise discusses the indicators to look out for in detecting internal fraud. 
  • Fraud Wise Podcast: Don’t Fall Victim to Robocalls and Texts
    October 20, 2021
    Robocalls and robotexts are leading to $10 billion a year in fraud. If you answer the phone and hear a recorded message instead of a live person, it’s a robocall. If you’re getting a lot of robocalls trying to sell you something, odds are the calls are illegal and, most likely, a scam. Learn the tips on how to handle roboscams and how to reduce the volume of these types of calls. 
  • Fraud Wise Podcast: Avoiding Malware Attacks
    September 22, 2021
    Malware, malicious software that installed on a victim’s computer without their knowledge, can take several forms including ransomware and crimeware, session hijacking, and key logging. Learn the different ways to identify these types of cyberattacks and how to avoid being a victim. 
  • Fraud Wise Podcast: Tips and Tricks to Prevent Fraud
    August 18, 2021
    Fraud has been on the rise and it was so prevalent in 2020 that it’s more important than ever to place a spotlight on prevention. The Federal Trade Commission’s Consumer Sentinel Network database received more than 4.7 million fraud reports last year from an array of entities—from the BBB and consumers, to federal, state and local law enforcement agencies. In this episode of Fraud Wise, learn some tips and tricks that can be critical in preventing fraud.
  • Fraud Wise Podcast: The Consequences of Being a Fraud Victim
    July 21, 2021

    2020 was a peak year for fraud. The Federal Trade Commission recently reported they received more than 2.1 million fraud reports from consumers in 2020. The consequence was a reported $3.3 billion during the year, an astronomical increase from just $1.8 billion in 2019. Fraud can also impact identity and brand reputation as well as create unnecessary stress. In this episode of CoBank’s Fraud Wise, learn about the consequences of fraud and how to protect yourself and your business from becoming a victim.

  • Fraud Wise Podcast: How to Avoid Social Engineering Scams
    June 16, 2021
    Social engineering scams, or con games in which a criminal tricks a victim into sharing information or taking an action, are widespread and take advantage of unaware businesses or individuals. Falling for these scams can expose you or your business to significant financial and business risk. Learn how to protect against these scams.
  • Fraud Wise Podcast: How Fraudsters Use Email to Trick Victims
    May 19, 2021
    More emails are being sent every day than ever before. And, unfortunately, more and more of the emails we receive might be socially-engineered attempts to commit fraud. Fraudsters can use several tricks to commit email fraud including spoofing, hacking, and masking. Learn how to detect and protect yourself against these scams. 
  • Fraud Wise Podcast: Consumer Fraud Scams on the Rise
    April 21, 2021
    These days, everyone is especially vulnerable when it comes to consumer fraud. In particular, new types of scams have surfaced—from pandemic-related fraud to consumer and social engineering scams, which are on the rise.
  • Fraud Wise Podcast: Protect Yourself from Counterfeit Check Fraud
    March 17, 2021
    Most people are aware of the danger of having a check—or blank check stock—stolen and how this can lead to altered check fraud. However, perpetrators of check fraud have another tool in their arsenal of deceit -- creating counterfeit checks using their own paper, but with your legitimate account and bank routing numbers. In this episode of CoBank’s Fraud Wise, learn how to protect yourself and your business from becoming a victim of counterfeit check fraud. 
  • Fraud Wise Podcast: Check Fraud May Be Old School, but It’s Still a Major Risk
    February 17, 2021
    With so much focus on cyber security and internet hacking, it’s easy to forget that there are some old school frauds still being perpetrated today. One of these cons is check fraud, and both individuals and companies are at risk. In this episode of CoBank’s Fraud Wise, learn how to protect yourself and your business from becoming a victim of check fraud.
  • Fraud Wise Podcast: Avoid Falling Victim to Fraudulent Payment Requests
    January 21, 2021
    On an annual basis, the FBI receives at least 467,000 cybercrime complaints, causing as much as $3.6 billion in losses. In many of these cases, the fraudster posed as a contracted vendor and sent an email, letter or phone call asking for payments to be made to a new bank account. Don’t be the next victim of a cybercrime attack. In this episode of CoBank’s Fraud Wise, learn the red flags that can help identify fraudulent payment requests.
  • Fraud Wise Podcast: Dealing with a Fraud Incident
    December 18, 2020
    Previous episodes of Fraud Wise covered the types of fraud risks you may face, how you can prevent them, and how you can mitigate the financial and business repercussions in general terms. This episode covers what to do immediately following a fraud incident, and in the days that follow.
  • Fraud Wise Podcast: Counterfeit Check Fraud
    November 18, 2020
    Most people are aware of the danger of having a check—or blank check stock—stolen and how this can lead to altered check fraud. But fraudsters can also create counterfeit checks using their own paper, but with your account and bank routing numbers.  All they need is the numbers – and then they can commit any number of scams.
  • Fraud Wise Podcast: Company Impersonation Scams
    October 21, 2020
    Social engineering scams are widespread and varied, and can take advantage of the unaware business or individual. This episode covers a form of social engineering called company impersonation scams.
  • Fraud Wise Podcast: Symptoms of Malware
    September 23, 2020
    This episode of Fraud Wise covers warning signs that malware has been installed on your computer to compromise your data and account information—and more.
  • Fraud Wise Podcast: Payment Protection
    August 26, 2020
    This episode of Fraud Wise covers three ways you can protect your payments from fraud.
  • Fraud Wise Podcast: Altered Check Fraud
    July 21, 2020
    Any time we mail a paper check, there's a risk of it being stolen. What's the downside of a stolen check? The thief can alter the check to gain access to your money, and change the amount to something much higher, even so far as to clean out your bank account. This episode of Fraud Wise covers ways to protect yourself from altered check fraud.
  • Fraud Wise Podcast: Internal Impersonation Scams
    June 17, 2020
    For most employees, when the CEO or CFO asks you to do something, you jump right to it. Unfortunately, that may not always be the best move when it comes to financial transactions. This episode of Fraud Wise covers impersonation scams, in which unwitting employees follow directions—with unfortunate results.
  • Fraud Wise Podcast: Cyber Account Takeover
    May 20, 2020
    CoBank’s Fraud Wise helps you avoid becoming a victim of fraud. In this episode of Fraud Wise, they will be talking about malware and the risk of account takeover, potentially locking down your systems, stealing customer data and taking funds from your accounts.
  • Fraud Wise Podcast: Internal Controls
    April 22, 2020
    CoBank’s Fraud Wise helps you avoid becoming a victim of fraud. It’s a sad fact that employees are sometimes responsible for fraud against their own companies, potentially stealing significant amounts of money. In this episode of Fraud Wise, they will be talking about internal controls you can put in place to reduce your risk of employee fraud.
  • Fraud Wise Podcast: Check Fraud
    March 11, 2020
    CoBank’s Fraud Wise helps you avoid becoming a victim of fraud. In this episode, they will be talking about check fraud. With so much focus on cyber security and internet hacking, it’s easy to forget that there are some old school frauds still being perpetrated today. One of these cons is check fraud.
  • Fraud Wise Podcast: Social Engineering in Email
    February 12, 2020
    CoBank’s Fraud Wise helps you avoid becoming a victim of fraud. In this episode, they will be talking about social engineering in email. More emails are being sent every day than ever before. And unfortunately, more and more of the emails we receive might be socially-engineered attempts to commit fraud.
  • Fraud Wise Podcast: Malware
    January 22, 2020

    CoBank’s Fraud Wise helps you avoid becoming a victim of fraud. In this episode, they will be talking about malware, or malicious software, that’s installed on a victim’s computer without their knowledge and with the intent of doing them harm.

  • Account Takeover Issues Wire Transactions in the Millions

    Able Company experienced a cyber-account takeover committed through malicious software installed on their computers when the perpetrator hijacked the customer’s online banking system session. The malicious software was able to obtain session credentials for creating and approving templates and wires, because the same computer was used by two separate users to approve both the template and the transaction. During the hijacked session the perpetrator created several wire templates and originated multiple wire transactions totaling millions of dollars.

  • CEO Email Scams

    One of the most successful fraud techniques targeting businesses today is known as the “CEO Email Scam.” The scammer effectively impersonates a company’s CEO or other high-level executive by gaining access to or “spoofing” his or her email account, and requesting a wire transfer. According to the FBI, over 7,000 U.S. businesses fell prey to this scam, netting criminals an estimated $747 million. The scam has been reported in all 50 states and in 79 countries.

  • Check Fraud

    One of the oldest and yet more prevalent scams today is check fraud. According to the American Bankers Association, 1.2 million fraudulent checks enter the banking system every day. Even though check use is declining as more payments become electronic, losses to check fraud are growing at a rate of 2.5 percent a year. Also, 77 percent of business respondents to a survey by the Association for Financial Professionals reported they had experienced check fraud. Check fraud unfortunately is alive and well, and remains one of the easiest, and therefore most common, financial fraud methods in use today.

  • Consumer Fraud Scam Puts Company at Risk for Months

    Savvy Bank started receiving calls from consumers and banks that had received checks appearing to be from Proactive Company, which is a legitimate Savvy Bank customer. The checks were counterfeit and were being sent to consumers as payment for goods being sold on an online auction site. The checks were printed for amounts significantly higher than the price of the goods being purchased and usually arrived via overnight mail with instructions to deposit the checks and send a portion of the difference to a third party, minus an “inconvenience fee,” via a retail money transfer service.

  • Cyber Account Takeover

    One of the common ways that fraudsters commit these scams is through cyber account takeover – the ability to take control of an online account by stealing a user’s login credentials or hijacking an online session. Once in control of an account, a fraudster steals funds by initiating outgoing wires or ACH transactions, which can be extremely difficult – if not impossible – to recover if not identified timely.

  • Invoice and Vendor Fraud

    A highly successful and prevalent scam in use today is Vendor/Invoice Fraud. These scams are similar to the CEO Email Scam we covered in Fraud Tip #1, in that they rely on “social engineering” – manipulating a person into doing something. They also depend heavily on the scammer’s email hacking and research skills to become familiar with the targeted company.

  • Spoofed Vendor Emails Direct Payments to Fraudulent Account

    Paragon Company experienced a business email compromise fraud attack. Employees at the company received emails purportedly from their vendor, Alert Corporation, requesting a change to their bank account information. Employees at Paragon Company complied with the email requests without calling the vendor to verbally confirm the new payment instructions and originated a large-dollar wire transfer to the vendor at the unconfirmed account.