Home and business email scams are skyrocketing – all with the intent to steal money and credentials from bank accounts. These types of scams have increased 136% worldwide from December 2016 to May 2018 according to the FBI.
Ryan Wilk, VP of Customer Success at NuData Security:
“Hackers are targeting both banks and their customers at an alarming rate with professionally-looking emails that can fool even the most discerning eye. While banks are on alert to verify money transfers, especially if it is not usual for a customer to do so, it is hard to detect this fraudulent activity when the legitimate customer is the one actioning it – fraudulently led by the cybercriminal. This trend is forcing financial institutions to implement behavior-based authentication frameworks that detect the user’s unusual activities paired up with money laundering systems that can flag suspicious transactions.”