Top 11 Financial Frauds and Scams For 2022

Top 11 Financial Frauds and Scams For 2022

This year has been dubbed “the year of fraud” with over $6 trillion in cybercrime damages. But 2022 promises to be far worse. Here are the top frauds that financial institutions must be on the lookout for, and one solution every institution must employ to avoid losses.

  1. Authorized Push Payment (APP) Fraud: A fraudster tricks a victim into willingly making large bank transfers to them
  2. Tech Support Scams: Victims are given remote computer access by fraudsters who access PII and bank account info.
  3. Business Email Compromise (BEC) Fraud: Hacked or spoofed email accounts from company “executives” to employees dictating large funds transfers.
  4. Romance Scams: Victims are drawn in by romantic overtures from criminals. Once trust is gained, the criminals request money transfers.
  5. Pharming/Man-in-the-middle Frauds: Sensitive information is intercepted by a cybercriminal, allowing him to access banking information and accounts.
  6. SIM Swap Fraud: Phone numbers are stolen via SIM card swaps, then the number is used to access and verify a victim’s bank accounts.
  7. Phishing Scams: Official looking emails from fraudsters that contain links, that when clicked, install malware to steal PII.
  8. Account Takeover: Callers pretend to work for an institution, persuading victims to disclose bank credentials.
  9. Invoice Fraud: Fraudulent, yet legitimate looking invoices are sent to a business along with account details for payment.
  10. Investment Scams: Fake stock trading websites fool investors into depositing funds for the purchase of stocks and other investment instruments.
  11. Bank Insider Fraud: With the “keys to the kingdom” insiders have access to client accounts, and the bank’s security protocols.

By 2025, cybercrimes and bank frauds will reach $25 trillion per year. The one solution every institution must employ now to avoid massive losses?

Introducing ToolCASE, the world’s most advanced artificial intelligence tools for fraud detection and prevention.

We custom develop real-time Ai for banks, credit unions and all transactional institutions to help detect and avoid millions of dollars in losses associated with data breaches, insider crimes and external cybercrime threats. ToolCASE is cybersecurity defined.

Discover how much money your institution can save at ToolCASE.com

Top 11 Financial Frauds and Scams For 2022
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