Fraud Risk Scheme:
A fraudster obtains a client’s personal information (login credentials, passwords, sensitive data) to access their bank accounts or perform unauthorized transactions. The client is often unaware until funds have been diverted.
Detection:
Sudden activity on a long-inactive account.
Unusually large transactions or multiple small unusual transfers.
Access from unrecognized IP addresses or devices.
Repeated failed login attempts or rapid changes to contact information.
Prevention:
Mandatory multi-factor authentication for all sensitive operations.
Automated monitoring of atypical behaviors with real-time alerts.
Educating clients on security best practices (phishing, passwords, information sharing).
Limiting unusual transfers or withdrawals without additional verification.
Share your feedback:
What tools, techniques, and processes are used in your organization to detect and prevent such fraud schemes?
