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Prevalent Fraud Schemes

Prevalent Fraud Schemes. Karen Nelson Operational Risk Consultant Wells Fargo Bank. Organized Crime Scams. Organized Crime Scams. Contact is made with established customer . Organized Crime Scams. Contact is made with established customer Fax Email Phone. Organized Crime Scams.

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Prevalent Fraud Schemes

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  1. PrevalentFraud Schemes Karen Nelson Operational Risk Consultant Wells Fargo Bank

  2. Organized CrimeScams

  3. Organized Crime Scams • Contact is made with established customer

  4. Organized Crime Scams • Contact is made with established customer • Fax • Email • Phone

  5. Organized Crime Scams • Contact is made with established customer • Fax • Email • Phone • A relationship is established over several weeks/months

  6. Organized Crime Scams • Contact is made with established customer • Fax • Email • Phone • A relationship is established over several weeks/months • A loan/payment is made to the customer

  7. Organized Crime Scams • Contact is made with established customer • Fax • Email • Phone • A relationship is established over several weeks/months • A loan/payment is made to the customer • A check is received & deposited by the customer

  8. Organized Crime Scams • Contact is made with established customer • Fax • Email • Phone • A relationship is established over several weeks/months • A loan/payment is made to the customer • A check is received & deposited by the customer • Funds are returned by wire/Western Union/Money Gram to Nigeria, UK, or NY, etc.

  9. Organized Crime Scams • Contact is made with established customer • Fax • Email • Phone • A relationship is established over several weeks/months • A loan/payment is made to the customer • A check is received & deposited by the customer • Funds are returned to Nigeria, UK, or NY • Check charges back to depositor, causing overdraft

  10. Organized Crime Scams (twist)

  11. Organized Crime Scams (twist) • Internet sales (EBay) • Depositor sells an item on the internet

  12. Organized Crimes Scams (twist) • Internet sales (EBay) • Depositor sells an item on the internet • A bid is accepted that is higher than usual

  13. Organized Crimes Scams (twist) • Internet sales (EBay) • Depositor sells an item on the internet • A bid is accepted that is higher than usual • The check received as payment is for a larger dollar amount than the bid

  14. Organized Crimes Scams (twist) • Internet sales (EBay) • Depositor sells an item on the internet • A bid is accepted that is higher than usual • The check received as payment is for a larger dollar amount than the bid • Customer deposits the check and plans to ship the item

  15. Organized Crimes Scams (twist) • Internet sales (EBay) • Depositor sells an item on the internet • A bid is accepted that is higher than usual • The check received as payment is for a larger dollar amount than the bid • Customer deposits the check and plans to ship the item • The purchaser then requests the overage to be wired back

  16. Organized Crimes Scams (twist) • Internet sales (EBay) • Depositor sells an item on the internet • A bid is accepted that is higher than usual • The check received as payment is for a larger dollar amount than the bid • Customer deposits the check and plans to ship the item • The purchaser then requests the overage to be wired back • The check charges back as “fraud” causing a loss

  17. Inheritance Scams

  18. Inheritance Scams • Contact is made • Fax • Mail • Email

  19. Inheritance Scams • Contact is made • Fax • Mail • Email • A large sum is offered

  20. Inheritance Scams • Contact is made • Fax • Mail • Email • A large sum is offered • A fee is requested • Usually a percentage of the inheritance

  21. Inheritance Scams • Contact is made • Fax • Mail • Email • A large sum is offered • A fee is requested • Usually a percentage of the inheritance • When the heir can’t pay the fee, a sum is advanced

  22. Inheritance Scams • Contact is made • Fax • Mail • Email • A large sum is offered • A fee is requested • Usually a percentage of the inheritance • When the heir can’t pay the fee, a sum is advanced • A check is received and deposited, the amount is wired and the check charges back creating a loss

  23. Lottery Scams

  24. Lottery Scams • Elderly are targeted

  25. Lottery Scams • Elderly are targeted • Customer removes large $$ in cash

  26. Lottery Scams • Elderly are targeted • Customer removes large $$ in cash • Wire the funds

  27. Lottery Scams • Elderly are targeted • Customer removes large $$ in cash • Wire the funds • Lottery Scams are also perpetrated the same as inheritance scams (Advanced fee) • *twist*

  28. Compromised Email Accounts

  29. Compromised Email Accounts Customer’s email account is hacked.

  30. Compromised Email Accounts Customer’s email account is hacked An email is sent to the customer’s bank requesting that a wire be sent from their account.

  31. Compromised Email Accounts Customer’s email account is hacked An email is sent to the customer’s bank requesting that a wire be sent from their account. The banker prepares and sends the wire per instructions

  32. Compromised Email Accounts Customer’s email account is hacked An email is sent to the customer’s bank requesting that a wire be sent from their account. The banker prepares and sends the wire per instructions The customer notices an unauthorized transaction and notifies the bank

  33. Compromised Email Accounts Customer’s email account is hacked An email is sent to the customer’s bank requesting that a wire be sent from their account. The banker prepares and sends the wire per instructions The customer notices an unauthorized transaction and notifies the bank A wire recall is attempted by the bank

  34. Auditor Scams

  35. Auditor Scams • Customer is contacted by an individual purporting to be a bank auditor

  36. Auditor Scams • Customer is contacted by an individual purporting to be a bank auditor • Customer is asked to withdraw cash in order to “test” the honesty of a teller

  37. Auditor Scams • Customer is contacted by an individual purporting to be a bank auditor • Customer is asked to withdraw cash in order to “test” the honesty of a teller • Customer meets the “bank auditor” in a parking lot to hand over the cash

  38. Auditor Scams • Customer is contacted by an individual purporting to be a bank auditor • Customer is asked to withdraw cash in order to “test” the honesty of a teller • Customer meets the “bank auditor” in a parking lot to hand over the cash • A meeting time is scheduled for the “auditor” to return the cash to the customer

  39. Auditor Scams • Customer is contacted by an individual purporting to be a bank auditor • Customer is asked to withdraw cash in order to “test” the honesty of a teller • Customer meets the “bank auditor” in a parking lot to hand over the cash • A meeting time is scheduled for the “auditor” to return the cash to the customer • The “auditor” doesn’t show up

  40. Employment Scams

  41. Employment Scams Customer of the Bank is out of work or looking to supplement their income.

  42. Employment Scams Customer of the Bank is out of work or looking to supplement their income Post their resume online

  43. Employment Scams Customer of the Bank is out of work or looking to supplement their income Post their resume online Obtain an offer for employment w/o ever meeting their “boss” face to face

  44. Employment Scams Customer of the Bank is out of work or looking to supplement their income Post their resume online Obtain an offer for employment w/o ever meeting their “boss” face to face Provide their account number to their employer

  45. Employment Scams Customer of the Bank is out of work or looking to supplement their income Post their resume online Obtain an offer for employment w/o ever meeting their “boss” face to face Provide their account number to their employer Deposits are made to the account and the new employee only has to w/d and wire the funds

  46. Employment Scams Customer of the Bank is out of work or looking to supplement their income Post their resume online Obtain an offer for employment w/o ever meeting their “boss” face to face Provide their account number to their employer Deposits are made to the account and the new employee only has to w/d and wire the funds There is always a victim on the other end of the transaction

  47. Grandma Scam

  48. Grandma Scam It starts with a phone call -- someone posing as your child or grandchild dials you up to beg for money to deal with an emergency, often cast as a dire threat to the loved one you think you’re talking to.

  49. Grandma Scam • It starts with a phone call -- someone posing as your child or grandchild dials you up to beg for money to deal with an emergency, often cast as a dire threat to the loved one you think you’re talking to. • It’s known in law enforcement circles as the “Grandma Scam” and it’s so familiar that no one should be falling for it any more. But state authorities tell us it’s costing seniors their retirement money, good health and peace of mind.

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