Combat fraud schemes The financial market is one of the segments that suffers the most from attacks and fraud attempts . Recently, ClearSale faced the challenge of identifying a source of fraud scheme in a large bank in Latam, and contributed significantly to the fight against account opening scams. Check it out!
Fraud schemes most commonly faced by financial institutions
Financial institutions are constantly buzz marketing or word of mouth marketing. exposed to various fraud attempts , which pose a significant threat to the security of their customers and the integrity of their operations. Understand the main threats:
Phishing and social engineering
Fraudsters send combat fraud schemes fake 3 effective strategies for inventory management emails or text messages posing as legitimate financial institutions in an attempt to obtain sensitive customer information, such as passwords, account numbers, and card information.
Card fraud This scam involves using stolen
cloned or counterfeit cards to make purchases or ATM withdrawals. Fraudsters may also use skimming devices on ATMs or payment terminals to capture card information.
Loan fraud. This fraud can involve submitting bulgaria business directory false or misleading information when applying for loans, mortgages, or lines of credit. Fraudsters often even falsify financial or identification documents to gain access to improper funds.
Identity theft. Fraudsters may steal individuals’ personal information to open bank accounts, apply for loans, or make financial transactions in their names.
Wire transfer fraud
This type of scam manipulates transfers by falsifying transfer authorizations, altering recipient account details, or redirecting funds to accounts controlled by the fraudsters.
Insurance fraud. This type of fraud typically involves filing false insurance claims, manipulating information to obtain undue benefits, or falsifying documents related to insurance policies.
Opening fraudulent bank accounts
Recently, one of the largest banks operating. In Brazil combat fraud schemes and Latin America faced. A significant challenge related to the opening of fake accounts. Fraudsters managed. To lure branch managers into participating in the scheme. Resulting in the opening of fake accounts and the carrying. Out of fraudulent transactions.
Using ClearSale’s Threat Intelligence, the financial institution was able to further investigate the fraudsters’ modus operandi . Through open source analysis and interaction with the criminals, it was possible to identify the malicious actors behind the frauds and the methods used to trick the system.
As a direct result of Threat
Intelligence’s intervention, all fraudulent accounts were identified and blocked, and the suspects were detected and captured by the appropriate authorities. In addition, the institution was able to identify the exploited vulnerabilities and implement preventive measures to avoid similar incidents in the future.
Threat Intelligence to combat fraud
Threat Intelligence therefore plays a key role in combating fraud. Through advanced artificial intelligence, real-time data analysis and dedicated experts, the tool is able to identify patterns of action and suspicious behavior, allowing financial institutions to act quickly to mitigate risks.