Fraud Flashcards
Common fraud schemes?
Romance
Person in need
Advance fee
Romance scam
Scammers post fake dating and social media profiles
Person In need scam
Scammers claim to be a friend in a foreign country, a police officer, or a
lawyer who is with the family member in need
Advance Fee scam parts?
Pitch, Instructions, Result
Red Flags
Customer report
out of pattern activity
high risk wires
excessive counterparts
unusual counter parties
many low $ deposits
gift card purchases
excessive p2p payments
check kiting
Passing checks back and forth between
institutions before they have time to clear
other forms of check fraud
Writing checks on closed
accounts
Forgery
Counterfeiting
Alteration
red flags on check fraud
Bank information on the check
* Safety features
* Check amount
* Payor or Payee
* Suspicious communication
* Outside the normal pattern for the user
* Conducted at ATM or remote deposit
identity theft
The fraudulent acquisition and use of a
person’s private identifying information,
usually for financial gain
identity theft red flags
Account information inconsistent with
third-party verification tools
* Bust-out activity
* Transactions inconsistent with
expected customer profile
* Unusual IP logins
account takeover
Criminal poses as the customer, gains control of an
account, and then makes unauthorized transactions
account takeover red flags
IP logins (high-risk IP locations, logins
from locations unrelated to the
customer)
* Change in transaction patterns
* Change in profile information
* Addition of authorized users
* Dormant accounts becoming very active
What is Elder Financial Exploitation?
Misappropriation of financial resources or the
abusive use of financial control
The perpetrator is often someone the victim
knows and trusts
