Mitigating fraud, theft and scam risks within financial institutions

Frank Costa, President Nexgen Protection Services – 

Social engineering schemes have been such an easy way for fraudsters to get money. To guard against this fraud exposure, banks and financial institutions have to work just as hard as the fraudsters, and stay on top of any new threats that emerge. 

One of the best ways to defeat a social engineering scam requesting payment is to make a phone call to a number that is on file and ask if the person you received the request from really sent those instructions. 

Confirming with the appropriate person on file through a verbal phone call that a funds transfer request can proceed is a smart way to identify scam (fraud) attempts. With possibly hundreds of thousands or even millions of dollars at stake, it’s worth taking the extra time to confirm the validity of a funds transfer request.

SOURCE: 

Alger, J. Mitigating fraud, theft and scam risks within financial institutions, 12/2/2024.
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