1 / 5

In the Wake of SVB: 7 Identity Management Dangers

The Anonybit creates a secure framework that enhances compliance, safeguards identity, and safeguards individual assets. It offers cloud-based biometrics, biometric MFA, zero-trust security, cryptography, private key storage, etc.

anonybit01
Download Presentation

In the Wake of SVB: 7 Identity Management Dangers

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. ANONYBIT INTHEWAKEOF SVB:7IDENTITY MANAGEMENT DANGERS

  2. ABOUTUS INTHEWAKEOFSVB:7IDENTITY MANAGEMENTDANGERS The business world is rocking right now. The impact of the Silicon ValleyBankcollapseisjustbeginningtobefelt.Somepeopleare sayingthereisnothingtoreallydoexceptletitplayoutandtryfor find alternatives for short term cash and other safe havens in the meantime.Butthisisonlyonesideofthecoin.Asweallknow,the money that flows through the banking system is what powers our economy,ourbusinesses,andwhatputsbreadonourtables. When I first heard the SVB news, my initial reaction was that the fraudstersaregoingtohaveafieldday.Alreadyweareseeingthe potentialimpactwithcallcentersbeingcompletelyinundatedwith concerned customers, businesses sending emails with new bank accountsandnewlyreleasedphishingcampaignsandsocial engineering scams being promoted on the dark web. My spidey senses are up and everyone else's should be as well. In terms of whatcouldgowrong,readmyblogonpotentialfraudvectorsthat peopleshouldwatchoutfor.

  3. Businessemailcompromise-In2022,BusinessEmailCompromise(BEC)wasthe second largest category of losses across all reported cybercrimes, with a collective $2.7 Billion in attributed financial loss (FBI). In these severe moments of stress,employeesmaybemorevulnerabletobelievingpotentialattackersmaking a request for payment using non traditional means and/or confirming credentials thatcangivethemaccesstotakeoverexistingaccounts. KYB - Only 5% of financial institutions have an automated B2B or corporate banking onboarding process, with 75% of them still relying on Google searches to identify Ultimate Beneficial Owners (UBOs), property owner records, annual filings and financial accounts. In the fall out of SVB, with so many companies scrambling, thisisnotsustainableandcouldcreateanothercrisiswherenewaccountsarebeing usedtolaundermoneyorfurtherothertypesoffraudaslistedhere.

  4. Invoice fraud - Inthe US companies are losing an average of $300,000 per business annually to fraudulent invoices. An example that may be prevalent in the coming weeks is a phony supplier sending an invoice to a business stating that goods have been purchased and that the invoiceis overdue, or mayinterceptaninvoicesystemandgive“updated”wireinstructionsfor a paymentthatisdue. FDICdepositfraud-FraudsterscalltheFDICandredirecttheinsurancepaymentand/or dividend payment into an account they control (see the point below about unemployment fraud) Outbound call center fraud - Fraudsters may call people with offers to help open new accounts, establish access to new credit lines and payroll services. There is typically no way to know who is on the other end, so the best thing to do is take the information and go to the websiteandcalltheserviceproviderback.

  5. CONTACTUS GETINTOUCH Homepage https://anonybit.io/ PhoneNumber 917-655-2045 EmailAddress info@anonybit.io

More Related