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FIs Must Evolve With Fraudsters » Scammer News


After all the investments that financial institutions (FIs) have put into protecting themselves and their customers against fraud, scammers are now targeting individuals, which they see as the weakest link.

The method is straightforward: tricking people into either passing on information that would give the criminal access to a bank account or moving money into a fraudulent account on their behalf.

“It’s a very big shift in terms of what the scammers are out there doing,” Featurespace Founder and President David Excell told PYMNTS in a recent interview.

The fraudsters are using several tactics, he said. One is to tell individuals their account is at risk and that they need to move money to another account to make sure it’s safe. Another is to send a text message asking the recipient to verify that a payment just went through. A third scam involves baiting with ads online and aggressively asking people to put down deposits…

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