Fraud is now a profession, Verafin's Director of Fraud Analytics Mauriceo Castanheiro said, with specialists, collaboration and its own supply chain. Speaking Tuesday at the CUNA/National Association for State Credit Union Supervisors Bank Secrecy Act (BSA) Conference, Castanheiro talked about how fraud has evolved and how it has made certain populations especially vulnerable.
“A lot of resources are spent protecting data that financial institutions hold. This sort of frontline protection is actually causing fraudsters to instead focus on customers and members,” Castanheiro said. “The members and customers are who control access to an institution.”
As fraud has evolved into its own profession, an aging population and economic downturns have left particular populations vulnerable. That, combined with the speed, convenience and anonymity of the internet, means scammers have more ways to strike than ever.
Some scams he pointed out:
Best scam prevention practices include: