In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.
The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams.
Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.
The Internal Revenue Service is warning taxpayers and tax professionals once again to beware of tax fraud and other related financial scams related to the COVID-19 pandemic.
Mobile banking use has swelled since the pandemic hit, and law enforcement officials expect hackers to target the credentials of digital novices. The FBI stressed the importance of two-factor authentication and ensuring consumers know how to spot fake apps that carry malware.
Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.
As companies are evaluating continued operations, balancing profits with acceptable levels of loss, functioning with massively more remote work and trying to make up for economic disruptions, the first thought tends to be “How can we cut costs?”
Tokenization and buy buttons began, in part, as ways to calm the security concerns of online shoppers who were wary of moving away from plastic. They’re now becoming a way to keep a health and economic crisis from turning into a security problem as in-store checkout quickly gives way to apps and websites.
Financial institutions have been monitoring workers' productivity at home with tracking software and webcams. Now they're mulling whether to mandate contact-tracing apps, COVID-19 testing and other practices that could raise further privacy issues.
Accountants and finance pros have led in formulating strategy, anticipating risk and determining the best course of action to move forward.