When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
Scams that start on social media have been increasing for years and climbed from $134 million total reported losses in 2019 to $117 million in just the first six months of 2020, the Federal Trade Commission said today.
The ABA Foundation, in collaboration with the Federal Trade Commission, released a new infographic today to educate consumers on impostor scams which disproportionately affect older adults.
Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission.
The Financial Crimes Enforcement Network today issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic.
The Financial Crimes Enforcement Network today issued an advisory on medical scams related to the coronavirus pandemic—the first in a new series of warnings about COVID-19-related financial crimes—as well as a notice on filing reports of COVID-19-related suspicious activities.
Compliance professionals are uniquely positioned to educate older Americans about the growing number of scams surrounding the pandemic.
Amid the coronavirus pandemic, cybersecurity and fraud analysts have noted an uptick in “money mule” scams. Banks increasingly need to be on the lookout for the telltale signs of these scams.
A new infographic released today by the ABA Foundation and the Federal Trade Commission highlights “money mule” scams—a type of scam in which criminals use their victims to move stolen funds.
Read more about the FTC’s findings View the FTC/ABA Foundation infographic