Category Archives: Small Business Fraud
Beware the Business Mule: Why Commercial Payees Merit Vigilance
Fraudsters increasingly are targeting the larger account balances of commercial banking customers and hiding behind the more frequent account activity present in business-to-business transactions. The large, frequent fund movements common between organizations are making fraud harder to detect by financial … Continue reading
Online Banking Fraud News Roundup
2012 started with an explosion of new malware variants. It’s clear already that banking Trojans are propagating at an alarming rate while the ongoing rapid expansion of mobile banking will open a particularly threatening new front in the war on … Continue reading
Anomaly Detection Demystified [infographic]
In its updated guidance issued June 2011, the FFIEC specifically identified anomaly detection as one of the two minimum components of a layered security program required for any financial institution offering online banking (see page 5!). We recently released an … Continue reading
Mules & Jewels: “Gameover” in 9 Steps
The new “Gameover” malware driving online banking fraud has gotten much attention in the press lately, but I realized that most of it has focused on the distributed denial of service (DDoS) attacks launched by this malware variant to bypass common … Continue reading
August Fraud Roundup
For cyber criminals, security researchers, regulators and financial institutions, there’s been no summer break. The FFIEC announced a Supplement to its 2005 Authentication Guidance, hackers produced significant volumes of new malware, more businesses lost money and another lawsuit was filed. … Continue reading
Court Recommendation is a Call To Action for the FFIEC on Authentication Guidance
A magistrate has recommended that a U.S. District Court in Maine deny a motion for a jury trial in the case of PATCO Construction suing its former bank, Ocean Bank over a $500,000 fraud loss. According to the order, the … Continue reading
The Hits Keep On Coming – But They Don’t Have To
Recently, the FBI, FS-ISAC, and IC3 alerted the industry to a new fraud scheme involving corporate account takeover and unauthorized wire transfers sent from the accounts of small and medium-sized businesses to China. There were twenty incidents investigated by the … Continue reading