Current Fraud Trends
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Current Fraud Trends Kathy Druckenmiller, CFCI, CIRM, ACT Specialist April 29, 2014 PowerPoint PPT Presentation


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Current Fraud Trends Kathy Druckenmiller, CFCI, CIRM, ACT Specialist April 29, 2014. Social Engineering. Phishing Vishing Smishing Hijacked Email Social Media Sweetheart Scams Online Job Scams. Social Engineering. Phishing

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Current Fraud Trends Kathy Druckenmiller, CFCI, CIRM, ACT Specialist April 29, 2014

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Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Current Fraud Trends

Kathy Druckenmiller, CFCI, CIRM, ACT Specialist

April 29, 2014


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Phishing

  • Vishing

  • Smishing

  • Hijacked Email

  • Social Media

  • Sweetheart Scams

  • Online Job Scams


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Phishing

    • Using electronic communication to manipulate someone into giving private information

Phishing

Using electronic communication to manipulate someone into giving private information


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Vishing

    • Utilizing VOIP or traditional telephone lines to trick someone into giving confidential information


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Smishing

    • Using SMS test messages to obtain sensitive data


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Hijacked Email

    • Taking over a personal email account and masquerading as the customer

Hijacked


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Social Media

    • Using social media as resource to obtain your identity or commit fraud against you


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Sweetheart Scams

    • Fraudsters trolling online dating websites and social media sites, looking for partners that will ultimately send their own funds to the fraudster or will be used to launder stolen funds through their personal accounts


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Online Job Applications

    • Phony job postings placed on legitimate employment websites that trick applicants into becoming money mules for stolen funds


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Social Engineering

  • Mitigation for Social Engineering Fraud?

    • Education for Customers – to avoid involvement in scams

    • Education for Employees – to recognize the signs of transactions that may be the result of social engineering


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Current Debit and Credit Card Fraud

  • Counterfeit “Skimmed” Debit and Credit Cards

  • Data Breaches

  • Cybercrime


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Counterfeit/Skimmed Cards

  • Skimmer

    • Clone Magnetic stripe data

    • Capture CVV and CVD codes

    • Data can be transferred to card stock or “white plastic”

  • Skimming Equipment:

    • Handheld skimmer

    • Alternate skimmers

    • Skimming device placed over legitimate card reader


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Skimming Equipment

  • Handheld Skimmer

    • Requires human assistance

    • Requires card to be out of site of customer

    • Targets restaurant patrons

    • Information re-encoded onto plastic or sold on internet “carder” sites


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Skimming Equipment

  • Handheld Skimmer


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Skimming Equipment

  • Alternate Skimmers


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Skimmed Cards

  • Reader placed directly over legitimate card reader:

    • Does not requires human assistance

    • Does not require card to be out of site of customer

    • Targets: ATM machines, Gas pumps and readers that are remote and can be tampered with without witnesses.

    • Information re-encoded onto plastic or sold on internet “carder” sites


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

ATM Skimming Equipment

  • ATM Skimmer Examples


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

ATM Skimming Equipment

  • ATM Skimmer Examples


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

EMV (Europay, MasterCard and Visa)

  • Chip and PIN technology

  • Fraud liability shift to POS merchants -October 2015, ATMs - October 2016 and Gas Pumps - October 2017

  • EMV will not affect Data Breaches


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

EMV (Europay, MasterCard and Visa)

  • EMV Chip and PIN reader


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

Data Breaches

  • Data Breaches

    • Malware that targets corporate servers

    • Operation can be completely remote

    • Mass amounts of data at once

    • Information sold on internet “carder” sites

    • EMV removes the magnetic stripe, compromised data cannot be re-encoded onto card


Current fraud trends kathy druckenmiller cfci cirm act specialist april 29 2014

QUESTIONS ?


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