Banking

Banks face a wide range of digital fraud threats that target various aspects of their operations, from customer onboarding to transaction security. Below are the most critical fraud scenarios that financial institutions must detect and prevent to safeguard their business and customers.

• Payment Fraud: Fraudsters exploit vulnerabilities in digital payment systems to conduct unauthorized transactions, often using stolen credentials, compromised accounts, or synthetic identities.
• Card Fraud: Cybercriminals use stolen card details to make unauthorized transactions online, at physical stores, or withdrawing cash from ATMs.
• Authorized Push Payment Fraud: Scammers deceive victims into willingly transferring money to fraudulent accounts, often by impersonating trusted entities such as banks, suppliers, or government institutions.
• Money Mule: Fraudsters recruit individuals, often unknowingly, to move illicit funds through their bank accounts, making it harder to trace and recover stolen money.
• New Account Fraud: Criminals create fake or synthetic identities to open new accounts, which they use for fraudulent transactions, money laundering, or applying for credit.
• Account Takeover: Attackers gain unauthorized access to a customer’s banking account through phishing, credential stuffing, or malware, enabling them to steal funds or sensitive data.
• Financial Malware: Malicious software is deployed to intercept banking sessions, steal credentials, or manipulate transactions without the user’s knowledge, often through infected devices.
• Shell Game Malware: Fraudsters manipulate inter-account transfers by targeting both traditional banks and neobanks, exploiting vulnerabilities in security systems and devices once considered safe.